Tims China's Q2 2024 financial report shows that following the closure of 15 directly operated stores in Q1, another 34 were closed in Q2, leaving a net store opening of only 1 and reducing the total number of stores to 907. The significant store closures led to an overall cost reduction, helping adjusted EBITDA turn positive for the first time at 4.1 million yuan. However, controversies over store closures continue on social media, with netizens complaining about the coffee's taste and service, though there are also loyal fans of the bagels and dark roast coffee. CEO Lu Yongchen stated that 65 million USD in financing has been secured, and future efforts will focus on core business and supply chain. Front Street Coffee is monitoring this chain brand's developments and providing in-depth analysis for enthusiasts. [more…]