Lotte Hi-Mart

Lotte Hi-Mart (Korean: 하이마트) is a South Korean retailer of electronic goods. It was originally a unit of bankrupt Daewoo Electronics that founder Seon Jong-koo spun off in 1999. Hi-Mart is headquartered in Seoul. Hi-mart was taken over by Lotte Corporation on July 6, 2012.[2]

Lotte Hi-Mart Co. Ltd.
TypePublic
KRX: 071840
IndustryRetail
Founded1993
HeadquartersSeoul, South Korea
Key people
Seon Jong Koo, Founder
Lee Dong-woo, CEO[1]
ProductsShopping mall, Electronic commerce, Retail
Revenue$50.5 million USD (2005)
Number of employees
3,872 (2018)
ParentLotte Corporation
Websitehttp://www.e-himart.co.kr

History

Seon Jong-koo was formerly employed by Daewoo Electronics. When the company went bankrupt in 1999, he joined a spin-off company that became Hi-Mart.[3][4]

In June 2008, South Korean chaebol Eugene Group acquired 32.4% of Hi-Mart. in June 2010, the company went public.[3]

In July 2012, Lotte Corporation acquired a 65.3% of Hi-Mart for $1.1 billion. Hi-Mart operated 290 stores in Korea, controlling 35% of the market. The acquisition was maneuvered in the midst of a scandal about its founder and CEO, Seon Jong-koo, accused of embezzlement totaling $228 million.[5] In April 2012, one witness jumped out his apartment's window after being questioned by Korea's justice about bribing Seon Jong-koo. In December 2014, Seon Jong-koo was replaced by Lee Dong-woo.[1] He was the second largest shareholder of the company and heavily supported by Hi-Mart's employees.[6]

In October 2012, the deal was OKed by the FTC and the company announced it is changing the stores' names to Lotte Hi-Mart.[7]

See also

References
  1. Park Eun-Jee (27 December 2014). "Lotte switches execs after safety controversies". Joins.com. Retrieved 2016-08-07.
  2. "롯데쇼핑, 하이마트 1조2천480억 인수". Naver.com (in Korean). Retrieved 2013-09-15.
  3. Jaeyeon Woo (5 April 2012). "A Sad Twist in Hi Mart Tale". Wsj.com. Retrieved 2016-08-07.
  4. "Lotte Group to bid for Hi Mart". 16 December 2011. Retrieved 2016-08-07.
  5. Joyce Lee; Stephen Aldred (6 July 2012). "S.Korea Lotte pays $1.1 billion for controlling Hi-Mart stake". Reuters. Retrieved 2016-08-07.
  6. Lee Ji-yoon (29 November 2011). "Hi Mart management feud escalates". Koreaherald.com. Retrieved 2016-08-07.
  7. Park Si-soo (29 October 2012). "Lotte gets green light to acquire Hi-Mart". Koreantimes.co.kr. Retrieved 2016-08-07.
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