French distributor Auchan, with the aim of reducing its debt, has sold its subsidiary Chinese subsidiary, SunArt, to Alibaba for 3,000 million euros. SunArt had a turnover of between 12 and 12.5 million euros last year. It now has 484 hypermarkets and a workforce of 150,000 employees.
The money obtained will be invested in expediting the reduction of Auchan's debt, which is set at about 6,000 million euros.
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