The government and the ruling party have agreed on a set of voluntary regulations that exempt or reduce the penalties owners of convenience stores must pay to franchise headquarters when shutting down their businesses.

The ruling Democratic Party said Monday, the regulations apply to convenience store owners hoping to get out of business for reasons they cannot be held responsible for.

The regulations also require franchise brands to decide on store openings after taking into account business activity in the area and to provide sufficient information to new store owners.

Fair Trade Commission Chairperson Kim Sang-jo said excessive opening of new stores by franchise brands has deteriorated the profitability of store owners and weakened their competitiveness.

The Fair Trade Commission is expected to unveil the regulations on Tuesday.