June 1 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