subject: Five Star Was Bought Out Best Buy Stores Have Not Been Informed Of Qingdao - Five Star, Best Buy - [print this page] Five Star Appliance Best Buy will be all "eat" the next! North America
Home Appliances And the consumer electronics chain Best Buy has released details, February 6, Five Star's business license has been completely changed for the foreign-owned enterprise. According to previously agreed upon by both the pricing program, Best Buy will be no later than 21 February to pay about 185 million U.S. dollars in cash, 100% full access to Five Star shares. Interview with reporters that the current Five Star Qingdao store has not received formal notification that all managers have been to Nanjing headquarters attended the meeting.
Five Star all the shares being acquired by Best Buy after the news release, Feb. 17, the reporter visited Qingdao, Zhenjiang Road, Five Star stores. Reporter noted that the compound vans continued to enter or leave the store name and price of goods there should be any changes, and stores have not changed (see left). "No matter what changes above, where the price is relatively cheap electrical appliances." A clerk surnamed Zhang told reporters. There's clerk, said: "how to sell, how do we sell, all the promotions, or business as usual." February 17, the reporter linked to the Five Star's relevant staff in Qingdao, they said the headquarters has not received the documents, they know the message is also mostly learned from the Internet, the headquarters may be in two or three days, the official news release.
"Five Star and Best Buy's cooperation began in 2006, Best Buy to spend 184 million U.S. dollars Jiangsu Five Star Appliance received 75% of the shares acquired during the year to ensure 4 Five Star held by minority shareholders the remaining 25% stake. "Qingdao electrical retail one told reporters, Five Star Chairman Wang Jianguo told the media that they are most concerned about the" overall Best Buy "in the negotiations, the star of" autonomy "as a condition, and promised" Five Star Best Buy is definitely not pirated in China. " Best Buy and Five Star have made it clear that both the top Five Star will not be renamed Best Buy, Best Buy will be implemented in the Chinese market "dual brand" operation mode.
Best Buy holding 100% of Five Star after, will accelerate the expansion in the Chinese market? Insiders believe that Best Buy acquired a wholly-owned five-star, but the capital levels of operation, does not mean a change in corporate strategy. Best Buy Five Star in 2006 acquired 75% stake, did not use the five-star brand in China for rapid expansion. Five Star two years 2007 and 2008 the number of new stores to keep the 20 or so. According to reports, the current Five Star stores in Qingdao, a total of seven.
Addition, there are industry believes that looking at the impact of channel pattern, the "new" Five Star may not shake the short term
States United States And Suning Two giant home appliance chain absolute dominance; the same time can not be
Shenzhen Paraelectric, Wuhan Industrial, Yangzhou, silver exchange-based home appliance chain backbone of the esteem which ranked "second army" to take the lead position of big brother, caught between the "new" Five Star "alternative" of prospects for survival, also because of its face greater market pressures are weak.
For Best Buy in the future in China's market strategy and the future movement of Five Star, Best Buy's contacted the relevant people, because
Mobile Are turned off, unable to obtain further information. However, according to insiders, Best Buy and Five Star, said stakeholders are outside official announcement will be followed.
About Five Star
Founded in 1998, Five Star, has been second only to GOME, Suning, Yongle ranked fourth industry, but later fall behind the pace of development significantly, not as their "hometown of Nanjing," so transformed into a national Suning home appliances chain, the vast majority of stores are still confined to Jiangsu and Zhejiang. May 2006, the U.S. appliance giant Best Buy chain to the star through the injection of 180 million U.S. dollars of the way to get a 75% stake in implementation of its holding.
