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South Korea’s home-grown coffee shop chain Caffe Bene that once threatened multinational brands like Starbucks filed for court-led reorganization on January 12, having failed to meet its heavy debt obligation.
Caffe Bene once led the local coffee franchise pack since opening in 2008 with 643 outlets across the country.
Its expansion in the over-crowded market ate into its bottom line. It was sold off to a special purpose vehicle jointly set up by Singapore’s global food chain Food Empire, Indonesia's conglomerate Salim Group and Korea’s K3 Private Equity Fund No. 5 in 2016.
The board opted for court-led reorganization as the financial conditions have become so bad that it no longer can supply its franchisees on time.
“Large shareholders cannot afford necessary new capital of 55 billion won ($51.8 million) as well as debt dues that nearly triple the company’s cash flow,” said a company official.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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