April 26, 2024

• 

[THE INVESTOR] CJ O’Shopping is allegedly considering closing four overseas units in China, Japan, Turkey and India due to sluggish sales and falling profits, The Bell reported on April 28.

Citing a company spokesperson, the report said, the home shopping business unit of CJ Group will make a final decision on the business suspension as early as next month.

The four units’ combined losses are estimated at about 126.8 billion won (US$102.70 million) over the past four years. The Indian unit reported the largest loss of 60.3 billion won.

The possible business suspension comes a couple of years after the company’s aggressive efforts to expand its presence in the global market. Following the Chinese launch in 2003, the company entered India (2009), Japan (2011) and Turkey (2012).

By Song Seung-hyun (ssh@heraldcorp.com)