E-commerce giant Alibaba sells Intime luxury chain store at huge loss
Hangzhou Yintai Department Store. CFOTO/Future Publishing via Getty Images Alibaba Group Holding Co. is selling its stake in Chinese department store chain Intime Department Store for 7.4 billion yuan ($1 billion) as the company shifts its focus to e-commerce, although the sale will result in a 9.3 billion yuan loss. The Hangzhou-based giant said
