Best Buy May Look To Sell Its Chinese Business
Shares of Best Buy (NYSE: BBY) have jumped almost four percent in value following a report by The Wall Street Journal, which cited people familiar with the matter as saying the company is considering a potential sale or partnership for its Chinese-based business.
The source said the company is working with Bank of America Merrill Lynch to explore its options. According to the report, a sale could be worth as much as $300 million. However, some of the people cited have cautioned that it is still too early to make a valuation.
According to The Wall Street Journal, Best Buy has previously pointed to tough online competition in China as a driver for declines in its international business and currently operates around 190 stores in the country.
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