Alibaba Group Holding Ltd. (NYSE: BABA) has sold off its Chinese department store chain Intime and the transaction is set to cost the conglomerate $1.3 billion in losses. Chinese media reports say that Alibaba’s decision to divest Intime is part of a company-wide effort to overhaul its entire business portfolio and focus on just e-commerce.
Last month, Alibaba unveiled a strategy that would see the…
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