Below is a statement released by Goldilocks President Richard L. Yee on the scrapped acquisition deal with SM Retail:
“I would like to confirm reports in the media that the partnership between Goldilocks and the SM group will no longer push through. This was a mutual decision, which was jointly agreed upon after friendly and productive dialogue. Since we first began talks with SM, so much has happened in the marketplace, and many changes have occurred in our respective business environments. This caused us to re-evaluate our position, and to arrive at a decision that we feel is best for both companies.
We would like to thank the SM group for their intent to partner with us. This is yet another validation of our efforts to strengthen our leadership position. To this end, we remain focused on our plans and strategies, which has allowed us to achieve double-digit growth in the past few years. We now have over 600 stores to serve our customers nationwide, and we will continue this expansion in order to be more accessible to our customers.
Goldilocks has always been committed to serving our customers with the best products wherever they may be and we remain steadfast in that commitment.”