Aori Ramen Announces Seungri And Yuri Holdings Have No Shares In The Company + New CEO Plans For Fresh Start
Aori Ramen is now under new ownership.
On June 19, Aori Ramen’s company Aori FNB announced that 100 percent of its shares have been acquired by private investors with plans for a fresh start next month.
Seungri’s 5 percent of shares have been canceled, and Yuri Holdings’s shares of 39 percent will be sold and the full proceeds donated to the Green Umbrella’s Children’s Foundation. Due to feelings of moral responsibility, six stores operated by Seungri’s relatives will be closed or transferred to a third party who has no connections to Seungri.
With this, Aori FNB has officially cut all of its ties with Seungri, Yuri Holdings, and its previous shareholders.
Kim Hoon Tae has been chosen as the new head of Aori FNB. He has 22 years of experience working in overseas development projects and brand marketing for Hyundai Card, Hyundai Capital, and the Marriott Hotel.
CEO Kim Hoon Tae said, “As one of many lovers of Japanese ramen, I watched the unfortunate situations that Aori Ramen faced. Now, I’ll use all of my efforts so that the customers who liked Aori Ramen can trust and enjoy it once again.” He continued, “The newly beginning Aori FNB and its franchises will create a business model that can continuously contribute to and create value for the community. We will soon release a plan where we and our customers can share our warm hearts with society.”
Aori Ramen has been directly affected by the controversies surrounding Seungri. In March, it experienced a sharp decrease in customers and sales as the chain was widely known as “Seungri’s ramen restaurant” even after Aori FNB cut ties with Seungri and Yuri Holdings. Out of about 44 restaurants that were operating in December 2018, over a third of them were forced to close or temporarily suspended operations due to financial difficulties.