The food chain is paying $25 million for its popular sushi bar in downtown Toronto, according to The Globe and Mail.
It’s one of the latest deals in the company’s push to become a global food giant.
The deal comes on the heels of a $10 million buyout of KFC, the fast-food chain owned by Wendy’s parent company, Yum Brands, in October.
The chain was one of Canada’s most popular fast-casual restaurants for more than 30 years before the recent collapse in sales and revenue.
But as fast-growing fast-fashion brands like Nike and Walmart have emerged, chains like Popeyes are struggling to compete in the increasingly crowded fast-sizing and expanding restaurant market.
In the last five years, the number of U.S. restaurants has more than doubled and the number in Canada has more slowly declined.
Popeyes, based in Ontario, is a Canadian company.
The Toronto-based chain is the largest chain of sushi restaurants in the world.
In 2015, it was ranked as Canada’s sixth-largest restaurant chain by market capitalization, behind McDonald’s, Burger King, Domino’s Pizza, and Subway.
According to the Globe and Miners, the company was valued at $1.8 billion in 2015, and was ranked second in Canada among all food retailers by the Globe in 2018.
In 2016, Popeyes was acquired by Japan’s Takata Corp., a Japanese carmaker, for $1 billion.
The acquisition will bring the Canadian chain to about $5 billion in annual sales, according a report from the U.K.-based firm Market Intelligence.
The company’s $25-million deal is for the sushi bar, according the Globe.
The Globe reported that the deal will give the chain access to its extensive sushi restaurant network, which includes locations in the U