SM Group negotiations to acquire a controlling stake in bakery chain Goldilocks Bakeshop are at an advanced stage, say insiders.
The 51-year-old privately held restaurant chain run by the Yee family has more than 500 stores nationwide as well as outlets in Thailand, Canada and the US.
SM Retail had 2357 stores in its portfolio at the end of June, comprising 58 department stores, 1709 specialty stores, 50 SM Supermarkets, 44 SM Hypermarkets, 170 Savemore stores, 41 Walter Mart stores and 285 Alfamart stores.
Goldilocks started as a small bakeshop in Makati founded by sisters Milagros and Clarita and their sister-in-law Doris. A third sister, Maria Flor, suggested they name the enterprise “Goldilocks” after the character in a fairytale.
More than 10 years ago, Pancake House initiated discussions to acquire the chain without success.
System-wide sales for the restaurant chain are estimated to exceed PHP7 billion (US$136.8 million) a year.