SEOUL, KOREA - SPC Group, the owner of the Paris Baguette franchise, said categorically, "We have no plan for acquiring Vezzly," the bakery unit formerly owned by Hyundai Green Food.

 

According to industry sources on July 16, it is likely that Hyundai Department Store would sign an agreement to sell off the unit within this week at the earliest. But it turned out the news was groundless.

 

Created in 2000 in response to the demand for high-end bakery goods, Vezzly has now 13 locations all in Hyundai Department Stores. Its sales revenue for the year 2011 was 25 billion won. As public criticism over large corporations taking over mom-and-pop operations such as bakeries mounted, the parent company decided to divest itself from the business.