GEN Restaurant Group Inc. (Nasdaq: GENK), the parent company of GEN Korean BBQ, has opened its first international outpost in Ilsan, South Korea.
David Kim, chairman and CEO of the Cerritos-based casual dining chain, said the opening of the company’s 50th location marks a “return to our roots as we expand the GEN brand internationally.”
“This is not only a major milestone for our company but also a meaningful way to honor the cultural heritage that inspired GEN’s creation and further enhance our domestic locations as we garner even more influence from South Korean culture,” Kim said in a statement released Monday.
The new location in Ilsan is a rapidly growing city about an hour northwest from Seoul where visitors and residents enjoy everything from traditional street food to contemporary cuisine, the chain said. It is the first of three planned in South Korea.
“South Korea is a vibrant and competitive dining market, but there are few offerings that match GEN’s scale and value priced all-you-can eat menu.”
The company’s stock is up 1.1% to $4.07 with a market cap of $133.7 million. Year-over-year, shares are down 59%.
