Disgraced coffee chain Luckin Coffee Inc., whose fraud scandal sent shockwaves through markets last year, is back in business resuming the franchise plan that it reportedly halted last year.
The embattled company, which was delisted from the Nasdaq Index in June, said Monday in a social media post (link in Chinese) that it was launching a “new retail partner” recruitment plan, which is essentially a franchise plan.
The company said that entities joining the new program did not have to pay a franchise fee, but needed to set aside about 350,000 yuan to 370,000 yuan ($57,000) for equipment, store renovations and deposits to start up, according to a proposal accompanying the post.
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