E-Land to stop selling Coffee Bean & Tea Leaf in China
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South Korean fashion and retail group E-Land is surrendering its Coffee Bean & Tea Leaf China franchise licence.
The move is expected to improve the conglomerate’s reportedly strained cash-flow situation and mark a more focused approach to retail. It comes after expanding the franchise to 17 locations in China over the past two years. It had originally pledged to expand the Chinese business to 1000 stores.
The group’s liquidity has been under significant pressure in recent years, forcing it to relinquish its resorts and cruise businesses as well as other holdings. It currently runs around 250 brands spanning retail, fashion and restaurants.
Questions & Answers
Q.Why is E-Land stopping its Coffee Bean & Tea Leaf operations in China?
Why is E-Land stopping its Coffee Bean & Tea Leaf operations in China?
The move is expected to improve E-Land's strained cash-flow situation and allow for a more focused approach to retail. The group's liquidity has been under significant pressure recently.
Q.How many Coffee Bean & Tea Leaf locations did E-Land open in China?
How many Coffee Bean & Tea Leaf locations did E-Land open in China?
E-Land expanded the Coffee Bean & Tea Leaf franchise to 17 locations in China over the past two years. The original plan was to expand the Chinese business to 1000 stores.
Q.Has E-Land sold off other businesses recently?
Has E-Land sold off other businesses recently?
Yes, E-Land has been forced to relinquish its resorts and cruise businesses, as well as other holdings, due to significant pressure on its liquidity.