The news comes following an announcement that the company intends to restructure its business portfolio.
Lotte Corporation consists of over 90 business units and employees 60,000 people, their business activities include hotels, fast food, retail, electronics, IT, construction and entertainment among a number of other business interests. The group has been badly affected by the Covid-19 pandemic with a decline in profits of 18.2 per cent leading to the group announcing that they will split the business and sell off shares to new investors.
“It is time for a self-scrutiny on our business practices so far, and CEOs must be aware that the priority is streamlining their current business processes. While doing so, companies should make greater efforts to make innovations in a long-term perspective.” commented Shin Dong-Bin, Chairman of Lotte.
Lotte has operated TGI Friday’s within South Korea since 2002, of which 21 outlets are currently in operation.
