Shinsegae's E-mart to acquire U.S. food retailing company GFH
SEOUL, AJU -Through the increase of capital in its American subsidiary, E-mart, the hypermarket wing of South Korea's retail conglomerate Shinsegae, will acquire Good Food Holdings (GFH), a U.S. food retailing company.
E-mart said in a regulatory filing Friday that it purchased new stocks issued by its U.S. unit, PK Retail Holdings, for 324.1 billion won ($289.9 million). The investment is aimed at buying GFH, based in Philadelphia, which processes and provides natural foods. The American company provides My Fare online platform and operates three food retailing brands: Bristol Farms, Metropolitan Market, and Lazy Acres Natural Market.
Shinsegae, the parent group of Emart, has diversified its lineups with specialty stores that focus on a particular concept. It has leased an old commercial building in Downtown Los Angeles to launch its first premium restaurant and grocery store called PK Market, which sells a wide range of top-quality food items at cheaper than other similar premium hypermarkets in the ambiance of old-fashioned American markets.