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Shinsegae,’Jeju Ju’ to be organized in 5 years

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[이코노믹리뷰=전지현 기자] Shinsegae Group decided to withdraw Jeju Juju, which was acquired in 2016, after five years. There was a rumor about the sale, but it was decided to stop the business.

According to related industries on the 4th, Jeju Juju, a subsidiary of E-Mart, held an employee briefing session on the previous day (3rd) and finally decided to withdraw the business. Jeju Juju-ju has also stopped production at the factory. The employees of Jeju Joo-ju will be hired by E-Mart and Shinsegae L&B, an affiliate specializing in alcoholic beverages, in the future.

Earlier, Shinsegae Group acquired Jeju Soju (pre-acquisition Jeju olesoju) for 19 billion won in 2016. However, the operating loss in Jeju Province increased from 1.9 billion won in 2016 to 14.1 billion won in 2019. As a result, E-Mart also implemented a capital increase of 67 billion won over four years.

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