UPDATE 2-France's Carrefour takes step to leave China with Suning.com deal [Reuters]
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Source: Reuters
France's Carrefour takes step to leave China with Suning.com deal - Reuters 3 Min Read PARIS/SINGAPORE/BEIJING (Reuters) - France’s Carrefour on Sunday became the latest Western retailer to announce a retreat from the Chinese market as fierce competition from domestic rivals and a growing online market puts pressure on foreign firms. Carrefour, which has been in China since 1995, said in a statement it had agreed to sell 80% of its Chinese operations to electronics retailer Suning.com for 620 million euros ($705 million) in cash. Carrefour follows other big-name Western retailers such as Tesco Plc and Walmart Inc, which have sold stakes to domestic partners, and Amazon.com Inc which plans to shut its online store in China next month. German wholesaler Metro AG, which has 93 stores in China, is also looking to sell its China unit amid a wider company restructuring, people directly involved in the matter have told Reuters. Carrefour, Europe’s largest retailer, has spent years trying to
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