Once saying – “I’m going to Timmies”, was a great Canadian past time. And everyone knew what Timmies stood for – Tim Hortons.
It was a Canadian icon.
It’s donuts and coffee were legendary.
Canadians loved their Tim Hortons.
And more so because it was found by a Canadian hockey player – Tim Horton.
And the company was on a roll – Tim Hortons dotting the Canadian landscape everywhere.
But, alas, no more.
This great Canadian icon is fading fast and rapidly.
The company troubles started five years ago the troubles started when it was sold to Burger King, a fact bemoaned by thousands and thousands of Canadians.
And a large shareholder in Burger King was a Brazilian capital venture firm.
Eventually the Brazilian company owned Tim Hortons outright.
And it began to try to squeeze as much profit out of Timmies – to the point where franchise holders revolted.
But the Brazilians were relentless and Canadians noticed.
The main reason for Canadians noticing was the fact that the spat between the franchise holders and the company became public.
The Brazilians were caught off guard by the public outcry of the franchise holders and their lawsuit.
And what got the franchise holders really going was that the owners were embarking on a $700-million renovation plan which restaurant owners said would cost them $450,000 each.
So a new president was appointed for the chain, in an effort to quell the restaurant owners rebellion.
The company appointed a new Canadian chief executive head, realizing it was in serious trouble.