Alibaba is selling out its grocery and retail businesses
China-based technology and corporate giant Alibaba Group is considering selling several businesses. These include grocery chain Freshippo and retailer RT-Mart. Three sources, who did not want to be named, disclosed Alibaba's new plan. News Reuters.
The group's new Chairman Joe Tsai and recently appointed CEO Eddie Wu are trying to bring Alibaba back to its core e-commerce business. As part of this, the company has reportedly decided to sell loss-making non-core units.
Alibaba has started discussions with potential buyers for the sale of Freshippo, RT-Mart and shopping mall Intime. According to the source, the discussion is still in the initial stage. However, Alibaba may change its decision to sell.
According to reports, Alibaba is in talks with several companies to acquire its Intime department store arm. However, Alibaba or RT-Mart and Intime did not comment on this. But officials denied the plan to sell Freshippo.
Last March, Alibaba split into six units and unveiled plans to raise funds, including an IPO, for most divisions.
