South Korean retail giant Lotte Group said Wednesday it plans to hire managers for a planned initial public offering of its hotel operator, Hotel Lotte, as part of a reform plan proposed by Chairman Shin Dong-bin to simplify its governance structure.

Lotte will send out proposals to a slew of local and overseas brokerages, with short-listed candidates to be confirmed on Aug.

31. The final list will be revealed in early September, the group said in a press release.

Lotte, the country's fifth-largest conglomerate, has been mired in a family feud between founder Shin Kyuk-ho and his two sons, Dong-joo and Dong-bin. The family squabble sparked nationwide criticism, pushing Dong-bin to apologize and pledge to bolster the group's transparency.

In the latest development, shareholders of the group's Japan-based holding firm Lotte Holdings Co. threw their support behind Dong-bin, bolstering his foothold in the ownership dispute.

Meanwhile, a ranking corporate source told Yonhap News Agency that the group also will push for IPOs of other affiliates, such as convenience store chain 7-Eleven and fast-food chain Lotteria.

The source added that the group is also considering setting a mandate to hire outside directors for affiliates with sizable assets. (Yonhap)