SEOUL, Dec. 7 (Korea Bizwire) – South Korean retail giant Lotte’s hotel unit has been working on an employee stock ownership scheme as part of preparations to list its stocks on the Seoul bourse, company officials said Sunday. Hotel Lotte, a unit of South Korea’s fifth-largest conglomerate Lotte Group, plans to submit an application next [...]
SEOUL, Nov.6 (Korea Bizwire) – Lotte Department Store is expanding its Smart Pick service, which allows customers to pick up products purchased earlier through online shopping sites such as Lotte.com or L-Lotte. The order cut-off for picking up a purchased item on the same day used to be 10 a.m., but Lotte Department Store announced [...]
SEOUL, Nov.5 (Korea Bizwire) – Lotte Duty Free has announced a plan to make its World Tower store into a landmark of North East Asia. Lotte will invest over one trillion won to make the location an international tourist spot that will exceed the popularity of its headquarters in Sogong-dong. Lotte Duty Free revealed at [...]
SEOUL, Oct. 30 (Yonhap) – Samsung Group said Friday it has agreed to sell its chemical assets to Lotte Group for about 3 trillion won (US$2.63 billion), in its latest move to streamline its non-core assets to focus on its main stay tech business. Lotte Chemical Co. will acquire a 31.5 percent stake in Samsung [...]
SEOUL, Sept. 17 (Korea Bizwire) — The chief of South Korean retail giant Lotte Group pledged Thursday to untangle a cobweb of cross-shareholding among its affiliates and speed up the listing process of its hotel unit. Testifying before a parliamentary committee, Shin Dong-bin also ruled out the possibility that Lotte, the fifth-largest family-run conglomerate in [...]
SEOUL, Sept. 14 (Korea Bizwire) – Samsung and Hyundai Motor groups slashed their cash reserves in the first half of the year, while other major conglomerates increased their cash piles, data showed Sunday. Listed affiliates of Samsung Group, South Korea’s top family-controlled conglomerate, had a combined 40.5 trillion won (US$34.1 billion) in cashable assets as [...]
SEOUL, Aug. 28 (Korea Bizwire) – Lotte Hotel has announced that they have finalized a buyout of The New York Palace Hotel, located in Manhattan, for a total cost of $805 million. Lotte Hotel signed the buyout agreement on May 29, and set a corporate body to manage it on June 5. Officials from the hotel [...]
“This crisis happened as we failed to put in many efforts to improve our governance structure and bolster corporate transparency during the group’s growth. We will resolutely reform the agendas that have raised concerns among the people of Korea, the government, our shareholders, employees and contractors.” “I will push for the listing of Hotel Lotte, [...]
TOKYO/SEOUL, Jul. 28 (Korea Bizwire) — The board of directors of Japan-based Lotte Holdings Co., the de facto holding firm of Lotte Group, voted Tuesday to sack the group’s founder as chief executive and general chairman, group officials in Seoul said, giving his second son control over the retail giant. At an emergency meeting, the [...]
SEOUL, Jul. 2 (Korea Bizwire) — Lotte Group will develop a large resort complex at the North Port of Busan, said a high-ranking representative of the group on July 1. The company has filed a proposal for the development project with the Ministry of Culture, Sports and Tourism, which has received 34 proposals, including Lotte’s, [...]