PH Korea, the new franchisor of Korea Pizza Hut, officially launched on the 1st.
Korea Pizza Hut suffered a cash crunch after losing a lawsuit filed by franchisees to return unjust enrichment and applied for corporations rehabilitation to the court in Dec. 2024.
Then, after receiving court approval for a business transfer at the Seoul Bankruptcy Court in March, the business transfer process was finalized at the end of last month, and the domestic Pizza Hut business made a fresh start under the PH Korea system.
PH Korea is a joint venture established by Wintergold and K Clavis Investment to operate the Pizza Hut brand in Korea, with Wintergold CEO Cho Won-hong serving as chair of the board.
Cho, formerly the chief marketing officer (CMO) overseeing marketing at Hyundai Motor, is known for launching the Genesis brand and establishing it in overseas markets. In a letter sent to franchisees nationwide that day, Cho said, "We thank the franchisees who have stood by Pizza Hut even through the arduous tunnel of rehabilitation proceedings," and announced pledges for win-win management.
Cho emphasized that the economic interests of franchisees will be the top priority in the board's management oversight, and that all headquarters decisions and resource allocation will be aligned with improving franchisees' profitability and securing sales.
Meanwhile, PH Korea tapped Kim Jeong-eun, former head of sales at Pizza Hut Korea, as its first CEO. Kim, the CEO, is a food and beverage (F&B) specialist with 23 years of on-site experience in the restaurant franchise industry, including at Outback Steakhouse.
PH Korea also plans to revamp the brand by highlighting existing signature menus such as Super Supreme and Rich Gold, the US Origin lineup with an authentic American pizza concept, single-serving pizzas, pasta, and collaboration items. PH Korea said that same-store sales through May this year rose more than 20% from a year earlier.