Troubled South Korean retail giant Lotte, already struggling with a prolonged founder-family feud, has seen its business woes deepen with the loss of the state licence for one of its biggest duty-free shops ahead of a key IPO.
The country’s fifth-largest business group suffered its latest body-blow at the weekend when South Korea’s customs agency awarded its concession to a rival bidder - the heavy industries giant Doosan Co.
The licence covered a 10,990 sq m store in South Korea’s tallest skyscraper - the Lotte World Tower and Mall complex in downtown Seoul.
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The country’s fifth-largest business group suffered its latest body-blow at the weekend when South Korea’s customs agency awarded its concession to a rival bidder - the heavy industries giant Doosan Co.
The licence covered a 10,990 sq m store in South Korea’s tallest skyscraper - the Lotte World Tower and Mall complex in downtown Seoul.
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