Founded 1993 | Traded as KRX: 071840 | |
Key people Seon Jong Koo, FounderLee Dong-woo, CEO Revenue $50.5 million USD (2005) Stock price 071840 (KRX) ₩ 49,850 +150.00 (+0.30%)13 Mar, 3:30 PM GMT+9 - Disclaimer Parent organizations Lotte, Lotte Shopping co., Ltd | ||
suzy lotte hi mart
Lotte Hi-Mart (Hangul: 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 the Lotte group in July 6, 2012.
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Suzy lotte hi mart
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.
In June 2008, South Korean chaebol Eugene Group acquired 32.4% of Hi-Mart. in June 2010, the company went public.
In July 2012, Lotte 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. 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. He was the second largest shareholder of the company and heavily supported by Hi-Mart's employees.
In October 2012, the deal was OKed by the FTC and the company announced it is changing the stores' names to Lotte Hi-Mart.