MANILA -- Philippine fast-food chain Jollibee Foods on Friday said it plans to launch a Mexican restaurant business in the U.S. with its purchase of a stake in Tortas Frontera.
Jollibee will pay $12.4 million for a 47% interest in the company, which was founded by celebrity chef Rick Bayless and has four restaurants at Chicago O'Hare International Airport and the University of Pennsylvania. The chain sells tortas -- grilled Mexican sandwiches with a variety of fillings -- and molletes, which are warm, open-faced sandwiches.
