Lotte Wellfood (280360) withdrew from the franchise business for its Natuur ice cream brand, Yonhap reported Monday. The company voluntarily canceled the registration of its franchise disclosure document with South Korea's competition regulator.
The document provides prospective franchisees with information about fees and contract terms as well as the franchise operator's finances. The company's remaining franchise stores had closed after it shut its directly operated outlets.
Lotte Wellfood (280360) will continue selling packaged ice cream through supermarkets and convenience stores and focus on product distribution. The company's market capitalisation was ₩1.3 trillion at Monday's close.
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| Symbol | Last Price |
|---|---|
| 280360Lotte Wellfood | ₩138,600 -4.7% |