Highlands Coffee posts first loss in 8 years

Its sales plunged by nearly 20 percent to VND1.7 trillion, which still made it the largest coffee chain in Vietnam, its earnings report, recently acquired by VnExpress, shows.

It is not listed on the stock market, and typically such companies do not make public their financial reports.

Highlands faced many issues with landlords who accused it of delaying rent payments of over VND1 billion for up to six months.

It had admitted at the time, when social distancing restrictions were still in place, that it was facing financial difficulties.

Highlands Coffee was established in 1999 to sell packaged coffee. It started opening cafes in 2002, and now has 522 of them, according to its website.

It was acquired by the Philippines’ Jollibee Foods in 2012.