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Nope! Popeyes says they are NOT closing down their China operations contrary to what has been widely reported recently.

In a (today) it was announced that Cartesian Capital Group LLC, the group behind the Tim Hortons expansion in China, will take over as the new owner of the master franchise of Popeyes in China in a non-binding term sheet.

From the announcement, it sounds a lot like an ownership change for the brand in China, and one that comes with expansion plans.

They also posted on their WeChat Official Account, which seems like another indication that whatever stores have temporarily closed, will re-open.

While the recent COVID issues have created hardships for many in the F&B industry, it appears that venture capital groups in F&B are still bullish on China and anticipate enough future growth to offset any short term losses this season.