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E-Mart sells part of Chinese business
China
Friday 04 November 2011
MD
E-Mart has sold 6 of its 27 hypermarchés to New Huadu Supercenter.
E-Mart, the leading distributor in South Korea, has sold six of its 27 Chinese hypermarkets to the New Huadu Supercenter group.
Korean E-Mart entered China in 1997 and opened 27 hypermarkets in the country including 12 in Shanghai and 5 in Tianjin. It has sold six stores for 125 million yuan (14 million
euros) to the Chinese group New Huadu Supercenter, which already owns 94 hypermarkets and shopping centers in the country.
Installed in areas of Changzhou, Hangzhou, Ningbo and Taizhou these stores were not profitable according to E-Mart. The sale will improve the competitiveness of the Korean retailer and it says it is now planning a new venture in the country.
source : the chosulnibo
