The eight Beijing stores of grocery retailer CP Lotus Corp. (00121.HK) reopened for business on Thursday after closing on Saturday for talks between staff representatives and management over rumored layoffs, news website Caixin.com reported Thursday. Staff concerns surfaced after news that Wumart Stores Inc. (01025.HK) had agreed to buy CP Lotus’s 36 outlets in China. The company has since assured employees that there is no plan to cut staff, an unnamed CP Lotus store manager was quoted as saying. Meanwhile, CP Lotus announced on Wednesday that chief executive Jimmy Ardell Schafer was re-designated as senior vice chairman, and his post filled by Li Wenhai with immediate effect, the report said.
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