GOME Retail Holdings Announces Financial Struggles

GOME Retail Holdings (HK:0493) has released an update.

GOME Retail Holdings Limited has issued a profit warning, anticipating over a 50% decline in sales revenue and a 20%-30% increase in losses during the first half of 2024, as compared to the previous year. The company faces significant financial challenges, including RMB22 billion in overdue debts, active lawsuits amounting to RMB13 billion, and frozen funds totaling RMB87 million. Despite these difficulties, GOME is focusing on strategic transformation and resolving debt issues to continue serving Chinese families.

For further insights into HK:0493 stock, check out TipRanks’ Stock Analysis page.