[THE INVESTOR] Kang Hoon, CEO of local dessert café franchise MangoSix, was found dead in his house in southern Seoul, police said on July 25.
His body was discovered by his subordinate in a bathroom in his house in Seocho-dong at 5:46 p.m. on July 24. No suicide note was found.
Police said Kang was financially distressed as his two franchise entities recently filed for court receivership due to mounting debts.
The 49-year-old was one of the co-founders of the well-known coffee chain Hollys F&B and later took the helm of Café Bene in 2010. In the same year, he set up KH Co., the managing firm of MangoSix, and acquired another dessert firm seeking to expand its foothold.
But his business has suffered sluggish sales, with branches being scaled down amid a saturated market.
By Song Seung-hyun and newswires (firstname.lastname@example.org)