Published 08 June 2012
US-based specialty retailer RadioShack plans to take a minority stake in a joint venture (JV) that will open small-format stores in greater China.
RadioShack will take a 49% stake in the venture and the remaining stake will be taken by Cybermart, an affiliate of Hon Hai Precision Industry, reported Reuters.
The two companies plan to set up shops in mainland China, as well as Taiwan, Hong Kong and Macau under the RadioShack name. The first location of the JV is expected to open in Shanghai next month.
The American retailer will contribute $2.94m upfront, while the two partners are likely to contribute another $34m over the next three years.
In its most recent annual report, RadioShack said it has plans to expand internationally as growth rates could be greater. But the firm has reported a 2.2% decline in sales at stores open at least a year in 2011.
The mobile technology products and services retailer offers an assortment of wireless phones and other electronic products and services, and employs over 34,000 people.
RadioShack has a retail network of 4,700 company-operated stores in the US and Mexico, 1,500 wireless phone centers in the US, and over 1,100 dealer and other outlets worldwide.
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