Media Markt closes its stores in China

The owners Media Markt China decided to close their Chinese stores, due to the fierce competition and the weaknesses of their market situation.

The company owned by the German Media Saturn Holdings and Taiwan's Foxconn Technology Group, closes its seven Chinese businesses until 11 March and – the company announced. The Media Markt opened its first store in Shanghai in November 2010. That time they were optimistic: they wanted to open more than 100  stores until the middle of the decade. (MTI)