South Korean food distributor Foodville Co. is selling off the country’s second largest bakery label and franchise Tous Les Jours.

CJ Group said Friday that it is exploring various ways to enhance competitiveness of Tous Les Jours, adding that it named Deloitte Anjin the sales advisor.

It sent letters to private equity funds at home and abroad to invite bids, according to industry sources.

Tous Les Jours is the No.2 bakery chain in the country following SPC Group’s Paris Baguette.

CJ Foodville has been under aggressive restructuring efforts to improve its bottom line devastated by slow sales.

It sold its 45 percent stake in coffee shop chain A Twosome Place to Hong Kong’s private equity firm Anchor Equity Partners. It also slashed the number of outlets at its restaurant chains VIPS and Season’s Table.

By Pulse

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