The latest moves come after group Chairman Shin Dong-bin was sentenced to two and a half years in prison last month for giving 7 billion won ($6.4 million) in bribes to a foundation run by ex-President Park Geun-hye's friend in return for business favors.

Lotte Shopping, meanwhile, fell into the red last year in the face of Beijing's economic retaliation over Seoul's deployment of a US anti-missile system here.

The business group became a key target of China's ire after it signed a land-swap deal with the Seoul government to host the missile shield system.

Last week, Hotel Lotte Co., South Korea's largest duty-free operator, returned its money-losing concessions at Incheon International Airport, the country's main gateway, located west of Seoul, after suffering from a plunge in the number of Chinese tourists, a key source of income for the company.

"We will concentrate our efforts to resolve the difficult situation through active on-site management," Vice President Lee said.

Founded in 1948 in Japan, Lotte entered South Korea in 1967 and grew into the country's fifth-largest conglomerate, driven by its success in the retail, food and amusement businesses. Its sprawling empire now includes chemicals, duty-free shops, finance and construction, with a global workforce of 125,000. (Yonhap)