China’s Retail Giant Suning Goes Bankrupt, Debts Surpass $10 Billion; Many Suppliers Lose Everything
China’s Retail Giant Suning Goes Bankrupt, Debts Surpass $10 Billion; Many Suppliers Lose Everything
Udumbara
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On February 7, Suning Group—the former retail giant that once owned the football club Inter Milan and dominated the home appliance industry—has entered bankruptcy restructuring. Three of its subsidiaries—Suning Appliance, Suning Holdings, and Suning Real Estate—are now undergoing restructuring.
Hundreds of suppliers were caught off guard. Large amounts of unpaid invoices have left many facing financial ruin. More and more business owners are coming forward online to expose Suning’s shady dealings.
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