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Gome Holdings Group

gomeholdings.com

About Gome Holdings Group

Gome Holdings Group engages in retail, smart home appliances manufacturing, smartphone manufacturing, financial investment, real estate, cultural media, and medical health business. It is based in Beijing, Beijing.

Headquarters Location

Beijing, Beijing,

China

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Latest Gome Holdings Group News

Struggling Chinese Retailer Gome Halts Salary Payment to Cut Costs During Business Changes

Sep 27, 2022

(Yicai Global) Sept. 27 -- Cash-strapped Gome Holdings Group said to suspend the payment of salaries to its employees because of difficulties faced during the Chinese electronics retailer’s business transformation. Affected by internal and external factors, Gome is facing unprecedented difficulties, so it made some temporary adjustments to the salary payment this month to ensure normal operation, the Beijing-based company told Yicai Global yesterday, adding that the high operating costs following a strategic transformation to focus on the development of its main business may as well lead to layoffs. Gome will pay full salaries and layoff compensations once the business situation improves, it pointed out. Several employees said Gome did not pay last month’s salaries by Sept. 25, the latest payday for August, according to their contract, financial media Caixin reported earlier. Founded in 1987 by Chinese businessman Huang Guangyu, Gome has gradually developed into a diversified group, mainly engaged in the retail of electrical appliances. The company also expanded to the internet, finance, real estate, and investment sectors. Its core unit Gome Retail Holdings went public on the Hong Kong Stock Exchange in 2004. Huang was granted early release from jail in February last year after serving part of his 14-year sentence for insider trading and graft. While he was incarcerated, Gome’s business declined amid stiff competition, losing money for five straight years. The firm’s first-half loss widened 50 percent to CNY3 billion (USD419 million) from a year earlier. Last month, Huang said that he would improve the profitability of Gome Retail through a series of asset restructuring and strive to record the company’s best performance by 2025. However, he reduced his holdings in the firm several times this year, cutting his stake to 43 percent from 61 percent at the end of last year, according to information disclosed by the Hong Kong Stock Exchange. Editors: Dou Shicong, Futura Costaglione Follow Yicai Global on

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Gome Holdings Group Frequently Asked Questions (FAQ)

  • Where is Gome Holdings Group's headquarters?

    Gome Holdings Group's headquarters is located at Beijing.

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