The move is part of the company’s efforts to improve their financial structure.
South Korean outlet mall operator E-Land has decided to let go of its Coffee Bean & Tea Leaf business from China.
Yonhap News Agency reports that the company began the withdrawal process last May. E-Land opened their first Coffee Bean & Tea Leaf store in Shanghai in 2016 and has opened an additional 16 outlets throughout the country.
"We are streamlining inefficient businesses to better focus on our key operations in China, such as retail, fashion and distribution. It is part of our efforts to improve the company's financial structure,” an E-Land official said.
The decision also came three years after the South Korean retailer signed an agreement with the U.S. coffee chain operator to move into the Chinese market and a recent string of coffee brands strengthening their presence in the country.
(Photo credit: Coffee Bean and Tea Leaf Facebook page)
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