Electronics retailer Best Buy Co is looking at a sale of or partnership for its Chinese business to better focus on its U.S. business, the Wall Street Journal reported citing people familiar with the matter. The company could get about $300 million from its Chinese business, where it operates under the names Five Star and Best Buy Mobile, the report said. (on.wsj.com/1iCSN5v)The company is working with Bank of America Merrill Lynch to consider its options and evaluate its overseas portfolio, the report said. Best Buy has stores in the United States, Canada, China and Mexico."We don't comment on speculation or rumors on our business," Best Buy spokeswoman Amy von Walter told Reuters.The world's largest consumer electronics chain, which went into China in 2006, has struggled to fend off local rivals - Suning and Gome - and has failed to carve a niche in a cluttered market.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 0.96% or $-0.15/share to $15.49. In the past year, the shares have traded as low as $12.13 and as high as $18.03. On average, 82438096 shares of BAC exchange hands on a given day and today's volume is recorded at 73251312.
Best Buy Co., Inc. is a multinational, multichannel retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories. Shares of BBY traded higher by 1.72% or $0.49/share to $29.06. In the past year, the shares have traded as low as $22.15 and as high as $44.66. On average, 5297560 shares of BBY exchange hands on a given day and today's volume is recorded at 3776820.
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