The legal move follows a protracted slump and mounting losses, the company said. Yonhap news service reports the court will soon decide whether to put the ailing coffee chain under its receivership or commence liquidation. Korean coffee chain Caffe Bene has collapsed, filing for a court-led restructuring scheme on Friday. Caffe Bene applied for court protection from bankruptcy early this year having struggled in both its home market and abroad and is closing domestic stores. Seven-year-old chain Cafe Droptop, which has 240 stores, has cut its employee count by about one fifth. Local chains have been cutting store networks and staff numbers to remain competitive. The country’s 1000+ Starbucks stores are not included in the data because they are company owned. South Korea coffee franchises are being hit by convenience stores developing takeaway coffee services at prices as low as 1000 won (US90 cents) in the case of 7-Eleven, or about a quarter of the price of a Starbucks coffee. Of those, 11,198 were coffee and beverage stores, representing the third largest sector of the South Korean franchise market behind convenience stores and fried chicken restaurants. “While restaurants and even convenience stores are adding coffee on the menu to sell, the coffee war is intensifying as now even offices own espresso machines,” he said.Ĭiting local corporate tracker CEO Score, the paper reported that the number of franchisees in Korea hit 87,540 as of the end of last year, based on a list of 118 franchise brands registered with the Korea Franchise Association. Lee Kyung-hee of the Korea Business Strategy Institute described the situation as “a coffee war”. According to a report, one in 10 South Korea coffee shops closed their doors last year – the equivalent of more than 1000 stores. South Korea’s once burgeoning franchised coffee shop market has reached saturation point – and the fallout has become extreme. Heineken drops new sneakers ( Fashion ).Canada Goose China appoints Larry Li as new president ( Fashion ).Uniqlo to expand physical presence into Poland ( Fashion ).Pinduoduo Trains Farmers in Online Commerce to Boost Agricultural Incomes ( General ).Boeing wants to expand Vietnam operations ( General ).
WOOSIN TRADING has beenestablished in Seoul Korea as a trading company specialized in exportation ofKorean food and beverage, carrying the mission of helping overseas retail foodcompanies developing Korean food market and introducing authentic and healthyKorean food to overseas customers. Mohyeon-eup, Padam-ro,140-42, Cheoin-gu, Yongin-si, Gyeonggi-do, KoreaĬoffee & Tea,Snacks,Dried Fruits,Instant Noodles
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