E-Land adds lifestyle subsidiary to sell-off list
[THE INVESTOR] Korean retail giant E-Land Group is seeking to offload its lifestyle goods chain Modern House, according to local media reports on April 17.
The conglomerate is in talks with Korea’s largest private equity fund manager MBK Partners to sell its restaurants business for reportedly 1 trillion won (US$8.80 billion) as part of its financial restructuring plan.
It is too early for the price to be set, but Modern House is one of the group’s key subsidiaries that has been posting double-digit annual growth since it was launched in 1996. It operates over 50 branches across the country and revenue last year reached 300 billion won.
MBK owns hypermarket chain Home Plus, which has an underperforming lifestyle division compared to rivals.
By Hwang You-mee (email@example.com)