Apr
25
Lotte to Sell 22 Beijing Stores to Wumart Operator, Chosun Says
ByLotte Group’s retail unit is selling 22 of its stores in Beijing to China-based grocer and hypermarket rival Wumei Holdings Inc. for 256 billion won ($237 million), the Chosun Ilbo newspaper reported, without saying where it got the information.
Lotte Shopping Co. has taken a sales hit in China over the past year after the group provided land for South Korea’s deployment of the U.S. missile defense system known as Thaad. As geopolitical tensions around the system rose, most of the retailer’s outlets in China were forced to suspend operations over alleged fire-safety violations…
Lotte to Sell 22 Beijing Stores to Wumart Operator, Chosun Says
