Yum! Brands sells Pizza Hut Korea to local investment firm
Both parties agreed not to disclose the buyout conditions including sale price.
According to Pulse News, Yum! Brands Inc. has sold off its full stake in Pizza Hut Korea Ltd. to local company Orchard One Inc. Following the deal, Pizza Hut Korea signed a master franchise deal with the new owner.
The move was made as part of the company’s efforts to respond more promptly to changes in the dining industry and to search for new business opportunities by streamlining decision-making process that will help the firm cope well with Korea’s rapidly-changing food services industry.
Per the report, the current management board of Pizza Hut Korea will be maintained and it has no plans for job cuts. Contract deals with existing franchises will also remain unchanged under the new owner.
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