Following this month’s opening of Yoshiharu Global’s newest restaurant in Laguna Niguel, the upstart ramen chain (Nasdaq: YOSH) is ready to open another spot in San Clemente over the next few months.
Founded in 2016 by Chief Executive James Chae, Buena Park-based Yoshiharu went public in September 2022 via a micro-IPO, raising $12 million. It’s currently valued at around $5 million.
Laguna Niguel marked the chain’s 11th store, and its third opening since debuting on Wall Street.
Yoshiharu has five more locations in the pipeline, with San Clemente and a store in Menifee under construction. The chain’s acquisition of three existing restaurants in Las Vegas is set to close in the second quarter, it said in its latest annual report.
It expects to have 16 total restaurants open by mid-2024. Yoshiharu plans to introduce new formats along with upcoming locations—last year, the chain launched “Yoshiharu Ramen & Izakaya” at a La Mirada location with a menu of izakaya dishes and alcoholic beverages.
Reborn Coffee Reports Closures; Stock Decline
Reborn Coffee Inc. (Nasdaq: REBN) hasn’t expanded as planned since going public in 2022.
The Brea-based coffee chain, started in 2015 by Chief Executive Jay Kim, recently slimmed down its portfolio down to 11 locations throughout Southern California after closing three stores in March.
The shuttered locations included one of two spots it has in Irvine’s airport area, as well as in Cabazon and San Francisco.
In December, Reborn reported that U.S. stores, previously 14, generated average unit sales of approximately $458,000.
An additional location is in development in Pasadena. The company had originally wanted to open up to 20 stores by the end of last year.
The chain is now aiming to have over 20 company-owned locations plus 10 franchises by the end of 2024, and is eyeing new markets such as Texas and Kansas.
Reborn is also targeting an international reach, which began last year in Malaysia and via a partnership with Sheikh Hamed, the owner of Abu Dhabi’s Millennium Hotel. The deal will allow Reborn to open a minimum of 10 coffee shops within five years, starting in Abu Dhabi.
The chain aims to open flagships in countries such as South Korea, India, Thailand and the United Kingdom.
