Best Buy Selling China Business
Best Buy announced that it is selling its Five Star business, in China, to the Jiayuan Group.
“Over the last two years we have worked to improve our business in China and are proud of the progress we have made there,” Hubert Joly, president and chief executive officer of Best Buy, said as part of the announcement.
“We were recently approached by Jiayuan Group, a respected Chinese investment group, which offered to acquire the business with plans to further expand it. The Jiayuan Group has agreed to work with Five Star Chief Operating Officer Yiqing Pan, who will become chief executive officer of Five Star.