Shares of Collins Foods (ASX:CKF) surged over 14% in recent trading on the Australian bourse on Friday in the wake of its rival Domino's Pizza Enterprises (ASX:DMP) declaration of store closures.
Collins Foods operates KFC restaurants in Australia, Germany, and the Netherlands, as well as Taco Bell in Australia.
Domino's plans to close 205 loss-making stores, of which 172 are located in Japan. The closures are expected to add an estimated annual savings of AU$15.5 million while carrying a one-off cost of AU$97 million.
Shares of Domino's were up over 22% in recent trade.
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