SEOUL, November 24 (AJP) - South Korea’s SPC Group said Monday it will divide its affiliate Paris Croissant into two separate business and investment entities as part of a corporate restructuring plan approved at a board meeting on Nov. 21.
The company began notifying employees of the changes, which it said are intended to streamline decision-making and clarify the responsibilities of Paris Croissant, which also functions as a de facto holding company within the group. A shareholder meeting to finalize the plan will be held before the end of the year, SPC said.
As part of the overhaul, Paris Croissant will merge with SPC Co., its wholly owned subsidiary that provides legal, public relations, and compliance support for the group. These functions will continue after the merger.
SPC Group emphasized that all employees will remain in their current roles and that there will be no changes to pay, working conditions or benefits.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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