Hanssem, South Korea' s largest furniture and household goods company, is selling.

According to a report from the Korea Economic Daily, a source from the Korean Investment Bank revealed on Tuesday that Hanssem' s founder and honorary chairman Cho Chang-gul and related parties are seeking to sell their 30% stake in the company.

Sources said that Cho Chang-gul is currently negotiating with potential buyers, and Seoul-based IMM Private Equity is the most likely candidate to acquire equity, including company management rights.

The source also said that the two parties may sign a preliminary agreement worth 1.3 trillion won (1.1 billion U.S. dollars) as early as this weekend.

South Korean industry observers said that Cho plans to abandon the company because no one in his family is willing to replace the huge furniture manufacturing company run by the 82-year-old founder.

In fact, this sale is Hanssem's second attempt. About two years ago, the furniture manufacturer conducted equity sale negotiations with global private equity firm Carlyle and South Korean investment firm MBK Partners, but the negotiations failed due to final price issues.