Sale of Intime department stores in China gives Alibaba $1.3bn hit [Yahoo! Finance]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance
Chinese online marketplace company Alibaba Group Holding Limited said on 17 December that the sale of a department store chain will result in losses equivalent to $1.3 billion. Christian Charisius/dpa Chinese online marketplace company Alibaba Group Holding Limited said on Tuesday that the sale of a department store chain will result in losses equivalent to $1.3 billion. Alibaba announced its agreement to sell the Intime chain in China to a textile and apparel company Youngor Group-led consortium in a deal worth approximately 7.4 billion yuan, or $1 billion. Alibaba, which currently holds a 99% stake in Intime, expects to record losses of around 9.3 billion yuan, or $1.3 billion, as a result of the planned sale. The move is said to be in line with Alibaba's plan to shift away from offline retailing and focus on its core e-commerce and cloud computing businesses. Alibaba purchased the Chinese department store operator in 2017 in a deal worth approximately $2.6 billion as part
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