Shanghai Sanmao (600689): Proposed Liquidation And Cancellation Of Sales Branch
Sanmao, Shanghai (600689.SH) announced in June 10th that in order to optimize the corporate governance structure, further integrate the existing resource allocation and reduce management costs, thereby improving the company's operational efficiency and overall business benefits, the company implemented the liquidation and cancellation of the Shanghai Limited by Share Ltd enterprise (Group) Limited by Share Ltd sales branch (hereinafter referred to as "sales branch") and Licensing companies management. In accordance with the statutory procedures, handle the assets disposal, personnel placement and other related matters related to the liquidation of the sales branch.
Sales division formerly known as Shanghai San Mao enterprise (Group) Limited by Share Ltd import and export branch, was founded in June 2000, after August 2004 renamed the sales branch, the main business for wool textile and clothing exports, customers are mainly distributed in Japan, Europe, the United States and other regions. In recent years, facing the severe economic and trade situation at home and abroad, the sales branch's overall operating efficiency is not good, and losses for two consecutive years, and the prospects for sustainable development are worrying.
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