Shilla hands bakeries over to Daehan Flour

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Shilla hands bakeries over to Daehan Flour

Hotel Shilla has finally withdrawn from the bakery business after vowing to do so in January, caving to pressure from the government and the media. It said on Friday that it signed a contract to sell its affiliate Bonavie, which ran the Artisee bakery and cafe chains, to Daehan Flour for 30.1 billion won ($26.5 million). There were reportedly 10 bidders for Artisee.

“We selected Daehan Flour because it was willing to keep Artisee’s employees on the payroll and develop the bakery brand,” a Hotel Shilla official said. Artisee first opened in 2004 and was positioned as a high-class bakery and cafe. With 27 branches, its sales stood at 24.1 billion won last year.

Hotel Shilla left the business sector after President Lee Myung-bak lashed out at third-generation scions of conglomerate owners for driving mom-and-pop stores out of business.

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