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.