19 July 2019

CP Lotus staff demand resettlement after Wumart deal, paper says

Employees of CP Lotus Corp. (00121.HK) have sought clarification on management plans for them after Wumart Stores (01025.HK) announced on Tuesday it has agreed to buy most CP Lotus supermarkets in mainland China for HK$2.35 billion (US$303.07 million), Beijing Business Today reported Friday, citing sources. Some staff besieged Chen Yaochang, executive director of CP Lotus, at the Beijing headquarters on Thursday afternoon to demand resettlement plans after hearing of possible layoffs and other staff changes, the paper said. Wumart’s acquisition of the supermarket chain is subject to regulatory and shareholder approvals.

– Contact HKEJ at [email protected]



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