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S.Korea's E-mart to exit China over mounting losses - Nikkei
May 31, 2017 / 11:04 PM / 4 months ago

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

June 1 (Reuters) - South Korean supermarket chain E-mart Inc 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 Defense missile defense 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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