Priszm

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Priszm Income Fund
Type Public
Industry Restaurants
Headquarters Vaughan, Ontario, Canada
Number of locations 446
Area served British Columbia, Alberta, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia
Revenue C$450 million[citation needed]
Employees 9,000[1]
Website www.priszm.com

Priszm LP was the largest operator of Canadian fast food restaurants. The Priszm Income Fund, an income trust, owns 60.2% of Priszm.

Priszm was one of the largest franchisees of Yum! Brands in the world, owning over 446 restaurants of various Yum!-owned chains in Canada, namely KFC, Pizza Hut, Taco Bell, and WingStreet. The majority of its locations are KFC restaurants, some of which are co-branded with the Taco Bell and Pizza Hut brands. Priszm was also responsible for KFC's national marketing and promotions within Canada from 2003 to 2009.[2] The close relationship between the two companies extends to sharing the same Canadian headquarters in Vaughan, Ontario.[3]

Bankruptcy[edit]

All stores have been sold to date and Priszm closed its operations in late 2012.

Following the completion of the Hi-Flyer sale, 52 locations (51 locations in Quebec and 1 in Alberta) still remain in Priszm portfolio until a suitable buyer can be found

On May 18, 2012 Priszm sold 57 restaurants located in Alberta and Manitoba to Hi-Flyer Food (Canada) Inc. ("Hi-Flyer"), a Canadian subsidiary of a pre-existing KFC franchisee in the Philippines.

One Sept 18, 2011 Priszm sold 43 restaurants located in the Maritime Provinces to FMI Atlantic In.

On May 31, 2011 Priszm sold 204 stores in Ontario & British Columbia along with 4 stores in Quebec to Soul Restaurants Canada Inc. who owns Soul Food Group of the United Kingdom. In this sale they closed 30 locations that were under performing in those markets.

On March 31, 2011, Priszm went into bankruptcy protection in Ontario and British Columbia, Canada.[4]

On May 6, 2011, Priszm Income Fund will be delisted from the Toronto Stock Exchange for failure to meet the continued listing requirements.[5]

On October 15, 2012, Priszm announced plans to cease operations and close all restaurants across Canada by mid-2013.

References[edit]

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