RadioShack in joint venture to open stores in China
RadioShack is forming a joint venture with a Chinese company to open consumer electronics stores in China, Taiwan, Hong Kong and Macau.
According to an SEC filing, the Fort Worth-based retailer will invest $2.94 million and own 49 percent of the venture, with Cybermart owning 51 percent. Cybermart is a wholly-owned subsidiary of SMS Marketing Service.
RadioShack said it will enter into a licensing agreement giving the venture the exclusive right to use the RadioShack brand. The first store is set to open in Shanghai in July.
The move continues a push into Asia for RadioShack. In March, RadioShack announced a deal with a Malaysian company to open at least 1,000 stores in 10 southeast Asian countries including Malaysia, Indonesia, Thailand and Vietnam. That company, Berjaya Retail Berhad, is controlled by Vincent Tan, one of Malaysia's richest men.
-- Steve Kaskovich