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Pizza Hut Korea on Monday denied reports of its possible sale, saying that recent restructuring efforts were aimed at improving competitiveness.
Rumors began circulating that Pizza Hut Korea would be sold by the US-based franchise giant Yum Brands to a third party, when the Korean corporation began changing its company-owned stores to franchised stores last year.
“Yum Brands and (Pizza Hut Korea) are not considering a sale to a third company, and will pursue continued growth in the Korean franchise market through product and service development,” the company said in a statement.
According to Pizza Hut Korea, switching its stores to franchises is part of a “business strategy to speed up Pizza Hut Korea’s growth by improving competitiveness” and is not preparation for a sale or a master franchise agreement.
Last year, Pizza Hut Korea switched 61 of its 75 company-owned stores to franchises, sparking speculation that it was planning to pursue a master franchise contract after making its Korean operations completely franchise-based.
Last year Yum Brands announced it would spin off its China division, making it a publicly traded franchisee of Yum Brands in the face of slowing growth due to sluggish sales and food safety scandals.
By Won Ho-jung (hjwon@heraldcorp.com)
Rumors began circulating that Pizza Hut Korea would be sold by the US-based franchise giant Yum Brands to a third party, when the Korean corporation began changing its company-owned stores to franchised stores last year.
“Yum Brands and (Pizza Hut Korea) are not considering a sale to a third company, and will pursue continued growth in the Korean franchise market through product and service development,” the company said in a statement.
According to Pizza Hut Korea, switching its stores to franchises is part of a “business strategy to speed up Pizza Hut Korea’s growth by improving competitiveness” and is not preparation for a sale or a master franchise agreement.
Last year, Pizza Hut Korea switched 61 of its 75 company-owned stores to franchises, sparking speculation that it was planning to pursue a master franchise contract after making its Korean operations completely franchise-based.
Last year Yum Brands announced it would spin off its China division, making it a publicly traded franchisee of Yum Brands in the face of slowing growth due to sluggish sales and food safety scandals.
By Won Ho-jung (hjwon@heraldcorp.com)
