Rumor: Gome to Shut Low-Performance Stores
Jiangnan Times, 12/22/08
Industry sources have reported that Chinese home appliance and consumer electronics retailer Gome (0493.HK) may be forced to close a portion of its outlets that report daily sales volumes of less than RMB 50,000, a result of mounting financial pressure from banks and suppliers.
It was recently reported that Gome had ended dealings with large commercial banks such as the Industrial and Commercial Bank of China (ICBC), and that a restructuring of the company may be necessary.
Since entering the Nanjing market in the second half of 2005, Gome has closed a total of four stores.
Keywords: 0493.HK consumer electronics Gome hardware home appliances retail
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