SEOUL, Aug. 14 (Korea Bizwire) — South Korea’s food and entertainment conglomerate CJ Group said Friday it is seeking to sell its bakery franchise Tous Les Jours.
The group said it has selected accounting firm Deloitte Anjin as a sales manager and is reviewing various options to boost the competitiveness of Tous Les Jours.
CJ is known to have sent documents explaining details of investments to domestic and foreign private equity funds (PEFs).
Tous Les Jours, run by CJ Foodville, the restaurant arm of the group, is the No. 2 bakery franchise in the country with some 13,000 outlets nationwide, after industry leader Paris Baguette run by SPC Group.
CJ Foodville appears to be looking to focus on the food-service business with the envisioned sale of Tous Les Jours and to secure cash amid the COVID-19 pandemic-caused economic slowdown, according to industry watchers.
Last year, CJ Foodville sold its coffee chain brand Twosome Place to a Hong Kong-based PEF for some 200 billion won (US$168.8 million) in a bid to improve its financial footing.