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Vengeful Government Tactics Force Lotte Mart To Sell China Operations

September 16, 2017: 12:00 AM EST
South Korea-based discount retailer Lotte Mart is putting its China operations up for sale, alleging that the government conducted a campaign to destroy it in retaliation for cooperating with the U.S. in the area of missile defense. Beverage maker Lotte Chilsung is also considering selling its Chinese operations. Lotte Mart allowed the use of a former company golf course for deployment of a U.S. high altitude antimissile system in South Korea. The company alleges that China retaliated by shutting down stores because of purported safety violations, and by encouraging consumer boycotts. Lotte Mart spent more than $600 million to bolster the China operations, but now says enough is enough.
Choi Hyun-Joo et al., "Lotte Mart exits China, other units may follow", Korea JoongAng Daily, September 16, 2017, © JoongAng Ilbo Inc.
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