Lotte sells off 7-Eleven's ATMs

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Lotte sells off 7-Eleven's ATMs

Published: 26 Feb. 2025, 17:21

CHO YONG-JUN
[email protected]

Lotte World Tower in Songpa District, southern Seoul [NEWS1]

Lotte will sell off 7-Eleven's automated teller machines (ATMs) in an attempt to improve its liquidity.

Korea Seven, the Lotte subsidiary that operates the convenience store chain, said Wednesday that it had inked a deal to sell the business to Korean ATM and kiosk operator Nice TCM for 60 billion won ($419 million) the same day.

The Lotte subsidiary said it will cooperate with Nice TCM on the maintenance of existing machines and installation of new machines in future convenience stores.

“Korea Seven will be using the over 60 billion won worth of liquidity secured by the transaction on improving financial structure,” Lotte said in a press release Wednesday. “By selling off nonessential businesses, we are focusing to strengthen the competitiveness of our core business.”

Lotte, following rumors of a potential liquidity crisis stemming from its struggling chemical business last year, said it would liquidize Lotte Healthcare and sold off its rental car subsidiary in December.

BY CHO YONG-JUN [[email protected]]