Winners and losers (March 25)
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Winner Paldo
, a local food company specializing in instant noodles, announced Thursday that it has returned to the snack market and revived three snack products that were popular in the 1990s.
The decision came seven years after the company decided to leave the market to concentrate on ramen and beverage businesses.
The local snack market’s steady growth and consumers’ yearning for old Paldo snack brands were behind the company entering the sector again, Paldo explained.
The firm is aiming for 2 billion won in sales this year.
Loser Lotte Tours
, one of the leading tourism agencies in Korea, filed for court protection on March 18 after sustaining huge losses as a result of the troubled Yongsan development project. Lotte holds a 15-percent stake in the plan.
Its auditor Daesung Accounting declined to issue an audit report and the Korea Exchange initiated a move to delist the troubled travel agency from the bourse.
If the firm goes bankrupt, it won’t be able to honor its obligations to customers who bought airplane tickets and tour packages.
Tourism industry watchers expressed concern that the entire sector may lose customer trust because of the incident.