SPC Group will spin off its affiliate Paris Croissant as a physical partitioning.
Paris Croissant said on the 24th that it held a board meeting on the 21st and decided on a physical partitioning, and is providing related guidance to employees and prospective franchisees.
SPC said the physical partitioning is intended to efficiently divide Paris Croissant's role and function, which holds a holding-company position in the equity structure, into business institutional sector and investment/management institutional sector to build a management system that enables swift and specialized decision-making. Paris Croissant plans to hold a shareholders meeting within the year to give final approval for the physical partitioning.
Paris Croissant will also proceed with procedures to merge its 100% subsidiary, SPC. SPC supports common tasks such as compliance, legal affairs, and public relations under consignment from affiliates within the group. The organization is said to continue its existing functions even after the merger.
In the merger and partitioning process, the workforce will be comprehensively succeeded. Employees' wages, working conditions, benefits, and severance pay will also remain the same.
Details such as the name of the company created through the physical partitioning or the existing company name have not yet been decided.