<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The parent company of Taco Bell Australia has announced plans to either close or sell off its national network of stores.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Collins Foods, which also operates hundreds of </span><a href="https://www.9news.com.au/world/kfc-leaving-home-state-of-kentucky-for-texas/befde0d9-2308-471a-bd15-3c31590bda22" rel="" target="_blank" title="KFC locations"><span>KFC locations</span></a><span> in Australia, said in a statement to investors it has decided to exit the Taco Bell business.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>If a buyer isn't found within a year, the group said it may consider other "exit options" for Australian Taco Bell stores. There are no plans to close any KFC locations.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/china-president-xi-jinping-says-no-winners-in-tariff-wars/8b912e6e-ef1f-4d6e-91d7-e22300bbd88a" target="_blank"><strong><span>Xi's chilling message to America as Beijing prepares for war</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Discussions are currently underway with Taco Bell International (TBI) regarding a potential transition of the business to new ownership," Collins Foods said in a statement.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Collins Foods intends to complete the transition within the next 12 months, subject to formal terms being agreed.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"A further update will be provided, including estimated exit costs, as matters progress. </span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/taco-bell-to-close-stores-in-australia/bd2f402f-32ea-4839-9685-2c96cf1b54fa" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"If a new operator cannot be identified and/or an agreement cannot be reached, other exit options will be explored."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>There are 27 Taco Bell locations across Australia.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The US-owned Mexican fast-food giant first launched in Australia back in 1981, however a Sydney restaurant with the name Taco Bell's Casa took it to court.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/katy-perry-space-blue-origin-rocket-blasts-off-on-allfemale-space-tourism-flight/3aad6462-7729-41b9-b1ab-d44e30a6fae4" target="_blank"><strong><span>Katy Perry blasts off on all-women spaceflight on Blue Origin rocket</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/gene-hackman-property-had-dead-rodents-in-outbuildings/b3191422-e765-4236-a35b-190908645229" target="_blank"><strong><span>'Dead rodents' found in deadly virus sweep on Gene Hackman property</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Taco Bell made a second attempt to crack into the Australian market in 1997 but it shut doors again after eight years.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In 2017, Taco Bell made its third and final venture into Australia with plans to open more than 50 stores by late 2021.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Managing director and chief executive Xavier Simonet said Collins Foods will continue to invest in its most successful operation, KFC, including expanding in Germany.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Collins Foods has successfully operated KFC restaurants for over 50 years, building a reputation as a trusted operator," Simonet said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"In a challenging economic environment, the customer remains at the heart of our business.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We will continue to deliver high-quality food at accessible prices, leveraging the heritage of the KFC brand at a time when consumer trust has never been more important."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Following the announcement, former general manager of Taco Bell in Australia Krystal Zugno has been promoted to general manager of Australian operations for both Taco Bell and KFC.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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