Lotte’s 95-year-old founder was tried to close about 20 stores in China.

Lotte’s 95-year-old founder was tried to close about 20 stores in China.

Lotte’s 95-year-old founder was tried to close about 20 stores in China.

Recently (March 20), according to South Korea’s SBS TV reported on the 20th, due to illegal business and other crimes,

95-year-old Korean Lotte Group founder Singh Ho, Mrs. Xu Meijing, Lotte Group President Xin Dongbin, Xin Dongbin’s brother Xin Dongzhu, sister Xin The five men of Yingzi appeared in court on the same day.

On March 20th, the chairman of Lotte Group, Xin Dongbin

(middle), arrived at the Central District Court in Seoul, South Korea.

According to Bloomberg News on March 20, Lotte took the initiative to close about 20 stores in China.

According to a report by the Global Times on the Korean KBS TV station,

Lotte Group will pay a loss of 116 billion won per month (about 720 million yuan in observer nets),

and must continue to pay employees’ wages during the period of business suspension.

According to the Yonhap News, Lotte has previously operated five department stores,

99 Lotte Mart and 16 supermarkets in Tianjin, Shenyang, Weihai and Chengdu.

The Chengdu Lotte World, which is completed in 2019, is under construction.

In addition, Lotte Group operates 12 cinemas in China,

with more than 90 auditoriums,

and 24 subsidiaries including Lotte Fruit and Lotte Chemical have production bases in China.


At the beginning of this month, 55 Lotte Mart was suspended in Huamen.

The number of closed stores accounted for more than half of the Chinese market.

For Lotte to close the matter.

My Foreign Ministry spokesperson had previously said that China welcomes foreign companies including Korean companies to invest in China and protect the legitimate rights and interests of foreign companies in China.

However, the relevant enterprises in China must be legally and compliant.

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