Alibaba to Record $1.3 Billion Loss in Sale of Intime Stores (2)

Alibaba Group Holding Ltd. has agreed to sell its Intime department store business to Youngor Fashion Co. for around $1 billion in a move to offload non-core assets.

The 7.4 billion yuan deal announced on Tuesday, which confirmed an earlier Bloomberg News report, will see the Chinese ecommerce giant record a loss of 9.3 billion yuan ($1.3 billion) on its initial investment in Intime. That acquisition had been a bet on integrating online and offline retailing into a unified business back in 2017. Alibaba had reached out to several potential buyers for Intime as it sought to streamline its ...