Lotte Mart to Close Business in China over THAAD Retaliation

Write : 2017-09-14 18:11:33 Update : 2017-09-14 19:51:44

Lotte Mart to Close Business in China over THAAD Retaliation

Lotte Group has begun the process of selling its retail stores in China after bearing  the brunt of Beijing's economic retaliation over the deployment of a U.S. THAAD antimissile system.

Lotte, which provided the site for THAAD in South Korea, initially planned on keeping its doors open in China, however, it is believed to be pulling out now after it was forced to suspend operations of its large-sized Lotte Mart chain for more than six months, with future prospects looking bleak.

According to investment banks(IBs) in China on Thursday, Lotte Mart selected Goldman Sachs to manage the sale on its behalf, but is still deciding on whether it will sell all its Chinese branches or just some.

Among the company's 112 branches in China, 87 have been suspended, while the remaining branches are also known to be suffering business difficulties. 

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