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THE INVESTOR] Pizza Hut is in talks with private equity funds and other potential buyers for the management rights for Pizza Hut Korea, a local daily reported Aug. 21.
According to reports, Pizza Hut has been in contact with a number of potential buyers. Pizza Hut Korea is the third US fast food giant to put its Korean operations up for sale in recent months, following McDonald’s and KFC.
Pizza Hut entered the local market in 1985, but has been suffering from dwindling profitability faced with intensifying competition and changing consumer preferences.
The company had seen annual sales of over 300 billion won (US$267 million) until the mid-2000s, but sales had dropped to 114.2 billion won in 2014. Since 2013, Pizza Hut Korea has posted operating deficits.
By Choi He-suk (
cheesuk@heraldcorp.com)
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