Article: YG Entertainment to exit the food service industry
Source: Hankyung
YG Entertainment will be closing down its food service business.
According to YG Plus on the 14th, YG Foods has decided to transfer its restaurant brand stores under its management to CEO Noh Hee Young through an MBO (Management Buy Out) including acquisition of its management, executives, and employees.
Among the stores sold were YG Republique's Yeouido and Gangnam branches which include famous pork bbq restaurant "Samgeori Butchers", "3Birds", and "K Pub".
According to its distribution partners, YG Entertainment is reportedly cleaning house, getting rid of their deficit businesses including its dining and video production divisions. The restaurant division alone has accumulated between 2-3 billion won deficit.
The closing date is reportedly February 15th.
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