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.
