Revenue at Gome Electrical Appliances, one of the largest electrical appliance retailer in China, fell 7 percent to CNY42.7 billion (USD6.26 billion) last year after it closed down 189 underperforming stores across the mainland, but net profit rose by 34.4 percent to CNY1.41 billion(USD206.6 million) in 2009 from CNY1.05 billion(USD153.8 million) in the previous year.
Gome said it would open about 100 stores in mainland China this year, particularly in second- and third-tier cities, but it would also close 20 stores. The company said its business suffered in the first half of 2009 as a result of liquidity pressure and the arrest of its founder Wong Kwong-yu, who was charged in February with insider trading, bribery and unspecified business crimes after 15 months in police custody.
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(Source: scmp.com)