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South Korea's E-mart to exit China over mounting losses - Nikkei
June 1, 2017 / 1:27 AM / 7 months ago

South Korea's E-mart to exit China over mounting losses - Nikkei

(Reuters) - South Korean supermarket chain E-mart Inc (139480.KS) will close its stores in China due to mounting losses and souring relations between the two countries over the deployment of an anti-missile system, the Nikkei said, quoting the vice-chairman of the E-mart’s parent.

Chung Yong-jin, vice chairman of E-mart parent Shinsegae Group, said the retailer will close its six supermarkets in China once the leases expire, the Nikkei reported. (s.nikkei.com/2rqnJ1z)

    E-mart will be the first South Korean company to exit China since February, when a dispute flared over Seoul’s deployment of the U.S. Terminal High Altitude Area Defence missile defence system, the business daily said.

    E-mart entered the Chinese market in 1997, expanding to 26 stores before shutting some of them due to growing pressure from local supermarket chains.

    Reporting By Shashwat Pradhan in Bengaluru; Editing by Savio D'Souza

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