Alibaba Divests Intime Department Store Chain

Alibaba (NYSE:BABA) Group Holding Ltd. is nearing a deal to sell its department store chain, Intime, to Youngor Fashion Co. for approximately $1 billion. Sources familiar with the situation, who wish to remain anonymous, indicate that the sale announcement could happen within a few days.

This potential sale is part of Alibaba's strategic shift under new leadership, which began last year, focusing on its core e-commerce and cloud-computing businesses. This follows Alibaba's acquisition of Intime in 2017 for nearly $2.6 billion.

Earlier this year, Alibaba reportedly contacted multiple potential buyers, as reported by Bloomberg News in February. Although the negotiations are at an advanced stage, discussions are ongoing, and there is a chance that they could extend or that the deal might not be finalized.

At this moment, both Alibaba and Youngor have not officially commented when approached for a response.

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