Jakarta –
The parent management of Texas Chicken restaurant, PT Cipta Selera Murni (CSMI) Tbk suffered heavy losses during the COVID-19 pandemic. Revenue had fallen by more than 50% due to activity restrictions.
Through the information disclosure of the Indonesia Stock Exchange (IDX), the company revealed that it was cutting employee salaries by up to 50 percent both at the center and at branches. In addition, terminating contract employees whose contract period has expired and laying off employees if the restaurant is forced to close is the way to go.
“Policies towards employees are related to the COVID-19 pandemic; contract employees are terminated whose contract period has expired, lay off employees if the restaurant is closed or does not require leave (unpaid leave), the wages of all central and branch employees are evaluated and paid 50 percent,” said the President Director CSMI, Arriola Arthur Raphael quoted by detik.com, Monday (18/4/2022).
It is not known exactly when this was done. In August 2021, the sales value recorded by Texas Chicken was only Rp. 2.24 billion, a drastic decrease compared to January 2021 which was Rp. 6.52 billion.
As of September 2021, the company only recorded cash and cash equivalents of Rp 8.4 billion or only 7.34% of the company’s total assets. Even so, as of January 2022, the fried chicken restaurant began to experience an increase in sales to Rp 5.88 billion and in February 2022 Rp 4.20 billion.
“The reason is that cash and petty cash equivalents are quite small because they have been used to pay for company activities such as purchasing cash inventories and other operational payments,” he explained.
Previously, the company had projected sales as of December 31, 2020 to be IDR 226.5 billion, an increase of 11% compared to sales as of December 31, 2019. Unfortunately, the realization was only able to record sales of IDR 77.3 billion or only 34.14% of the projected target.
Arriola explained that this was due to the impact of the COVID-19 pandemic which resulted in sales dropping by more than 50%. This also resulted in his party having to close many outlets until there were no more in Jakarta.
Currently, there are 22 Texas Chicken outlets left. They are located in the cities of Medan, Binjai-North Sumatra, North Sulawesi, Manado, Padang, Makassar, Bukit Tinggi, West Sumatra, Banjarmasin, Kendari, and Samarinda.
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