Retail in Asia

In Trends

Best Buy sells home appliance unit in China

Best Buy has divested its home appliance unit in China, Five Star Appliance, as the retailer officially pulls out of the country after shutting down nine outlets in 2011.

The US retailer said in a statement on Thursday that it had sold Five Star to Zhejiang Jiayuan Real Estate Group, without giving details.

Five Star currently has 184 outlets in China. The deal is expected to be completed in the first quarter of next year, pending regulatory approval. Best Buy will also sell its property in Xujiahui area in downtown Shanghai next year.
 

(Source: Shanghai Daily)