Print Edition - 2017-03-08  |  Money Digest

Lotte shuts China stores


Mar 8, 2017-

South Korean retail giant Lotte has been forced to shut down dozens of stores in China, it said Tuesday as diplomatic rows over a controversial US missile system sparked boycott calls against Seoul. Lotte has faced growing opposition in China since signing a deal to provide land to host the Terminal High-Altitude Area Defense (THAAD) system loathed by Beijing. The first parts of the system—intended to guard against threats from nuclear-armed North Korea—arrived on Monday and China fears it would undermine its own military capabilities. Chinese officials have shut down 39 out of retail chain Lotte Mart’s 99 stores in the country over fire safety concerns, a Lotte spokesman said. Each Lotte Mart employs about 130 Chinese workers, he said.

Published: 08-03-2017 09:13

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