Best Buy bids adieu to China after struggle with high costs

US company sells Five Star chain to Jiayuan Group for undisclosed sum

Best Buy Co Inc, the largest US consumer electronics chain, said on Thursday that it was selling its struggling China business - Five Star - to domestic real estate firm Zhejiang Jiayuan Group.

Though the move signals a complete exit from China for Best Buy, it will still retain its private label operations in the country, said company officials. Best Buy did not disclose any financial details of the transaction.