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Lotte's woes deepen after losing licence for duty free shop
Hotel Lotte, which runs duty free business, to go ahead with planned IPO; family feud continues
Add BT as a preferred sourcePublished Wed, Nov 18, 2015 · 09:50 PM
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Seoul
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 initial public offering (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.
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