Best Buy to Sell China Business, Focus on North America
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Best Buy said on Thursday it will sell its struggling China business, Five Star, to domestic real estate firm Zhejiang Jiayuan Group in order to focus on its North American operations. The world's largest consumer electronics chain didn't disclose financial terms of the sale of the 184-store network, announced in a statement. Best Buy has struggled to fend off Chinese rivals in a crowded market, as other U.S. firms have complained that operating in the country has become more of a challenge.