The Lotte Group began restructuring its business in China. The decision was made as the top management of the group judged that they can stand no longer as the China’s economic retaliation for the deployment of the Korea-US terminal high-altitude area defense (THAAD) system has been continuing for six months, and the decision to deploy the THAAD was decided.
“As the suspension of Lotte Marts business in China has been prolonged, the damage has become too large to cover,” said a high-ranking Lotte official on August 4. “We are considering restructuring to reduce store sizes or reduce personnel. But we are considering restructuring, not execute a complete withdrawal from China.”
Lotte Mart has been negotiating to sell 20 to 30 Chine…
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