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Lotte Group to sell food production sites in China

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Lotte Group to sell food production sites in China

Lotte Group plans to sell its food manufacturing facilities in China amid worsening losses, the Korea Herald reported March 13, citing a company statement.

According to the report, four out of six Lotte Confectionery and Lotte Chilsung Beverage factories in Beijing, Qingdao, Henan and Qingbai will be closed in the first quarter of 2019.

The report comes several months after Lotte Shopping Co. Ltd. disclosed plans to sell its hypermarket chain Lotte Mart in China amid a diplomatic row between China and South Korea.

According to the Korea Herald, the group will also shutter its department store in Tianjin this month, leaving only three department stores throughout the country.