South Korean bakery franchise Tous Les Jours for sale
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South Korean food and entertainment conglomerate CJ Group has announced it plans to sell its retail bakery franchise Tous Les Jours.
CJ Group has chosen accounting firm Deloitte Anjin to manage the sale process and at the same time launched a review of options to boost the chain’s competitiveness.
Tous Les Jours is South Korean’s second-largest bakery chain between its archrival, SPC Group-owned Paris Baguette. Both chains have expanded overseas into markets including Mainland China, Malaysia, and Vietnam, with Paris Baguette’s footprint spreading as far as the US and even its namesake city Paris.
CJ Group has sent background documents about the business to private-equity companies located domestically and offshore to gauge interest in the business.
Tous Les Jours operates about 13,000 stores across South Korea.
Market analysts say that in looking to sell the chain, CJ Group’s CJ Foodville is looking to use the proceeds to expand its food-service business amid the Covid-19 crisis.
Last year, CJ Foodville sold its coffee chain brand Twosome Place to a Hong Kong-based private-equity fund for US$168.8 million.
Questions & Answers
Q.What is the primary reason CJ Group is selling Tous Les Jours?
What is the primary reason CJ Group is selling Tous Les Jours?
CJ Group's CJ Foodville aims to use the proceeds from the sale to expand its food-service business. This strategic move comes amidst the ongoing Covid-19 crisis, suggesting a pivot in their business focus.
Q.Which firm has been appointed to manage the sale of Tous Les Jours?
Which firm has been appointed to manage the sale of Tous Les Jours?
Accounting firm Deloitte Anjin has been chosen by CJ Group to manage the sale process for Tous Les Jours. They are also reviewing options to enhance the chain’s competitiveness during this period.
Q.How many stores does Tous Les Jours currently operate in South Korea?
How many stores does Tous Les Jours currently operate in South Korea?
Tous Les Jours operates approximately 13,000 stores across South Korea. This makes it the second-largest bakery chain in the country, competing directly with SPC Group-owned Paris Baguette.
Q.Has CJ Foodville sold other brands recently?
Has CJ Foodville sold other brands recently?
Yes, CJ Foodville previously sold its coffee chain brand Twosome Place last year. It was acquired by a Hong Kong-based private-equity fund for US$168.8 million, indicating a pattern of divestment.
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