Lotte Group has announced plans to abandon its chain of hypermarkets and supermarkets in China as months of economic pressure from Beijing takes a toll on South Korea’s fifth largest conglomerate.
Lim Byung-yun, a vice president at the company, on Thursday said it would sell its Lotte Mart stores in the world’s most populous nation by the end of the year and that several buyers had already expressed interest.
The development follows months of speculation that Lotte would shutter its supermarket chain in China, which has for almost a year has waged an unofficial economic war against South Korean groups over Seoul’s decision to host a US-operated missile shield.
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