American family restaurants operator Denny's Corp announced that with the joint consent of the concerned parties, Denny's has decided to cancel its cooperation with Great China International Group for the opening of franchised restaurants in southern China.
As one of the leading and well-known family-style restaurant chains in the U.S., Denny's has a history of over 50 years. It runs around the clock and provides quality food and services, making it one of the favorites of young people, especially those up in the wee hours of the morning. The company has over 1,500 chain restaurants in America and an annual turnover of over USD2 billion.
John Miller, president and chief executive officer of Denny's, said that the company is confident in the development potential of China and is seeking a partner to explore this marketplace. However, he did not reveal the reason for the cancellation of the agreement with Great China International Group.
In July 2012, Denny's and Great China International Group reached an agreement to develop 50 Denny's restaurants in southern China in the following 15 years and the first outlet was expected to be open in 2013.