April 20, 2024
Retail & Consumer
Lotte Mart to sell stores in northern China to Wumart
[THE INVESTOR] Korean retail giant Lotte said on April 26 it will sell its Chinese unit in the country’s northern region to retailer Wumei Holdings for 248.5 billion won (US$230 million), seven months after it decided to halt operations.
Lotte Shopping said its affiliate, Lotte Shopping Holdings, will sell 87.38 percent of its shares in its Chinese stores to Wumei, the firm that operates the Wumart chain.
The Korean retailer announced its decision to sell Lotte Mart’s Chinese stores in September last year after it suffered major losses in the wake of the diplomatic row between Seoul and Beijing.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
