March 21, 2017 09:27
Only a fifth of the Lotte Marts in China remain open for business amid a concerted campaign by Beijing against the Korean retail chain.
Lotte said more than 60 of its stores were hit with suspension orders for violating health and safety regulations. A dozen others closed voluntarily. Industry sources say if these 79 stores are forced to shut down for a month, Lotte Mart could suffer losses of around US$80 million.
The campaign has been going on since Lotte agreed to provide the land for the deployment here of a THAAD anti-missile battery from the U.S., which China believes is aimed at keeping its military might in check.
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