Lotte Group’s retail outlet business in China is on the brink of collapse due to China's retaliatory actions against Lotte, which provided a site for deploying the U.S. advanced THAAD antimissile system.
According to Lotte, 67 Lotte Mart stores operating in China have been suspended for violating safety and fire regulations as of Sunday. About 20 stores voluntarily closed down due to violent demonstrations.
That means nearly 90 percent of 99 Lotte Mart stores in China have been forced to shut down temporarily.
Lotte is expected to suffer some 116 billion won in losses in its Lotte Mart revenues if the shutdown continues for a month.