It was originally a unit of bankrupt Daewoo Electronics that founder Seon Jong-koo spun off in 1999.

[3][4] In June 2008, South Korean chaebol Eugene Group acquired 32.4% of Hi-Mart.

The acquisition was maneuvered in the midst of a scandal about its founder and CEO, Seon Jong-koo, accused of embezzlement totaling $228 million.

[5] In April 2012, one witness jumped out his apartment's window after being questioned by Korea's justice about bribing Seon Jong-koo.

[6] In October 2012, the deal was approved by the Korea Fair Trade Commission and the company announced it is changing the stores' names to Lotte Hi-Mart.