Goldilocks confirms talks with SM, sees strategic brand fit

By Iris Gonzales (The Philippine Star) | Updated August 31, 2017 – 12:00am

MANILA, Philippines – Goldilocks Bakeshop Inc., assured the public and its stakeholders that it would remain committed to upholding the same standards of excellence that have made it the country’s number one bakeshop.

Goldilocks president Richard Yee issued the statement amid ongoing talks with the SM Group for a possible acquisition or joint venture with the company.

“In light of media reports that the SM Group is currently in talks to acquire a controlling stake in Goldilocks Bakeshop, Inc., we would like to state that while we are currently engaged in discussions, we are not in a position to share any specifics as yet,” Yee said.

He said the company has been open to forging strategic partnerships with companies which share the company’s vision and values, while helping it become an even more formidable brand both here and abroad.

“Over the years, several groups have been interested and as of now we have narrowed the list down. We believe that the best strategic alliance is one that will make the brand stronger in its next 50 years,” he said.

He said any partnership or alliance with another company, if it proceeds, would enable Goldilocks to respond effectively to the demands of an ever-growing consumer base and to new markets.

“We reassure everyone our internal and external stakeholders, our employees, affiliates, business partners and most of all, our loyal customers that Goldilocks will always be committed to the same standards of excellence that have made us the country’s number one bakeshop,” Yee said.

The SM Group of retail tycoon Henry Sy has said that it is in talks for a possible acquisition or joint venture with homegrown restaurant chain Goldilocks.

In a disclosure, SM Investments Corporation (SMIC), the holding company of the Sy family, said it is in preliminary discussions with Goldilocks Bakeshop for “a possible equity investment, joint venture or other cooperation arrangement.”

The parties are still awaiting regulatory approval by the Philippine Competition Commission.

If the deal pushes through, it would mark SM’s foray into a new retail format, and for Goldilocks, it would provide a big boost to the company’s expansion given SM’s wide footprint nationwide.

Goldilocks started in 1966 when Filipino-Chinese sisters Milagros Leelin Yee and Clarita Leelin Go and their sister in law Doris Wilson Leelin opened the company’s first store along Pasong Tamo in Makati.

It is now estimated to have over 500 stores nationwide and abroad.

*This article is re-posted from the Philippine Star:

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