The Korea Herald


6 potential buyers submit bids for Kim's Club

By 김윤미

Published : March 30, 2011 - 21:15

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E-Land Group, a leading South Korean fashion retailer, said Wednesday that six potential buyers have submitted their bid proposals for Kim's Club Mart Co., the group's supermarket chain operator.

   E-Land, however, did not reveal the names of the potential buyers, citing a confidentiality agreement with them.

   According to industrial sources familiar with the sale of Kim's Club, Lotte Shopping Co., South Korea's second-largest retailer, and Homeplus Co., the South Korean unit of British retail giant Tesco Plc, took part in the acquisition of the supermarket chain operator.

   The four other prospective buyers are investment companies that include a private equity fund, the sources said.

   E-Land will come up with a shortlist of two or three candidates for a preliminary study on books of Kim's Club on April 5, the group said.

   Kim's Club has 54 outlets across South Korea and posted 285.9 billion won ($259.7 million) in sales and 2 billion won in operating profits last year.

(Yonhap News)