[Courtesy of E-Land Group]
SEOUL -- In an effort to improve its financial structure, South Korea's fashion and retail conglomerate E-Land Group, the fashion and retail conglomerate in South Korea, decided to close its loss-making "Coffee Bean" franchise in China,
E-Land, which is involved in retail malls, restaurants, theme parks, hotels, construction and fashion apparel, has run 17 Coffee Bean & Tea Leaf (Coffee Bean) shops in China since it opened the first outlet in Shanghai in 2016. Coffee Bean is an American coffee chain owned and operated by International Coffee & Tea based in Los Angeles, California.
As part of its group-wide restructuring to ease a cash shortage, E-Land has sold hotels and other non-core assets. In China, it is closing unprofitable businesses to focus on retail, fashion, and distribution in China.
reporter
Lim Chang-won
cwlim34@ajunews.com
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