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Lotte decides to sell Chinese supermarkets

According to a report by the Yonhap News Agency on 14 September, Lotte Mart's business in China has been so heavily affected by the South Korean THAAD, that it has now decided to sell its Chinese supermarkets. The Lotte Group had wanted to remain in China, but the uncertainty has now made it change its mind. The China Local Investment Bank announced on the 14th that it had been chosen by Lotte Mart to handle the sales, and that it was making the necessary preparations.

Currently, the extent of its sales is still uncertain. It was not ruled out that Lotte might sell all of its Chinese supermarkets. Because of Lotte Mart's difficulties in managing its stores, the damages are seeing a snowball effect, which is why Lotte wants to sell. Originally, the expectation was that after Moon Jae-in, the South Korean president, had visited the Chinese government, the relationship between China and South Korea would improve, and Lotte Mart's business would get back on track. However, when the South Korean government recently deployed the THAAD, the relationship between the two countries deteriorated. Of Lotte Mart's 112 stores in China, 87 are now closed for business. The remaining stores have no other choice but to do the same.

Source: Global Times

Publication date: 9/21/2017


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