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CHICAGO (AP) - Best Buy Co. declined to comment on reports that it has purchased a 51 percent stake in China's Five Star Appliance, one of the country's largest electronics retailers, for about $120 million.
Five Star Appliance will retain its brand after the purchase is approved by the Securities and Exchange Commission, the China Business News reported Wednesday, citing an unnamed source familiar with the situation. Best Buy spokeswoman Susan Busch said the retailer won't confirm or deny the report.
The largest U.S. consumer electronics retailer by sales said in April 2005 that it planned to open lab stores in certain major cities in China in the next 12 to 18 months. However, Best Buy hasn't given details about those stores since that time.
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