Lotte Hi-Mart
| Company type | Public |
|---|---|
| KRX: 071840 | |
| Industry | Retail |
| Founded | 1993 |
| Headquarters | Seoul, South Korea |
Key people | Seon Jong Koo, Founder Lee Dong-woo, CEO[1] |
| Products | Shopping mall, Electronic commerce, Retail |
| Revenue |  $50.5 million USD (2005) |
Number of employees | 1,000 (2005) |
| Parent | Lotte Corporation |
| Website | www.himart.co.kr |
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 in July 6, 2012.[2]
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 appartment'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
External links
References
- ^ a b Park Eun-Jee (27 December 2014). "Lotte switches execs after safety controversies". Joins.com. Retrieved 2016-08-07.
- ^ "롯데쇼핑, 하이마트 1조2천480억 인수". Naver.com (in Korean). Retrieved 2013-09-15.
- ^ a b Jaeyeon Woo (5 April 2012). "A Sad Twist in Hi Mart Tale". Wsj.com. Retrieved 2016-08-07.
- ^ "Lotte Group to bid for Hi Mart". 16 December 2011. Retrieved 2016-08-07.
- ^ Joyce Lee; Stephen Aldred (6 July 2012). "S.Korea Lotte pays $1.1 billion for controlling Hi-Mart stake". Reuters.com. Retrieved 2016-08-07.
- ^ Lee Ji-yoon (29 November 2011). "Hi Mart management feud escalates". Koreaherald.com. Retrieved 2016-08-07.
- ^ 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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