JavaScript is off. Please enable to view full site.

South Korea's Lotte considers sale of supermarkets in China: source

South Korea's Lotte considers sale of supermarkets in China: source

Monday, September 11, 2017, 09:24 GMT+7

SEOUL, Sept 11 -- South Korea's Lotte Shopping is considering selling its supermarkets in China and other options should political tensions between Seoul and Beijing continue next year, an official at the retailer told Reuters on Monday.

"It is natural that we should have various alternatives, but no discussions or decisions have been made regarding detailed plans," the official said on condition of anonymity because of the sensitivity of the issue.

He did not elaborate on what other options were under consideration.

South Korean newspaper Chosun Ilbo reported on Saturday that Lotte plans to gradually sell as many as 50 of its 99 Lotte Mart stores in China and slash its Chinese workforce, citing a high-ranking official at its parent group, South Korea's No. 5 conglomerate.

Seventy-four of Lotte’s 99 Mart stores in China were closed by fire authorities over safety violations such as boxes blocking exit doors. Another 13 stores were shut down because of difficult business conditions.

China has pressured South Korean businesses via boycotts and bans since Seoul decided last year to deploy a U.S.-made missile defence system as a deterrent to nuclear-armed North Korea. Beijing says the system's radar can penetrate far into its territory.

Lotte has been among the hardest hit companies after it handed over land in southern South Korea so the Terminal High Altitude Area Defense (THAAD) system could be installed there.

Seoul deployed the four more THAAD launchers on Thursday, several days after Pyongyang conducted its sixth nuclear test.

Lotte Shopping shares were up 0.7 percent in the wider market that was up 0.8 percent as of 0019 GMT.

Reuters

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news