Alibaba to sell department store chain Intime for $1 billion

(Reuters) - Alibaba (NYSE:BABA ) Group on Tuesday said it would sell its department store arm, Intime, to textiles and clothing enterprise Youngor Fashion for gross proceeds of 7.4 billion yuan ($1.02 billion).

($1 = 7.2841 Chinese yuan renminbi)

Source: Investing.com