04:42 AM EST, 12/17/2024 (MT Newswires) -- Alibaba Group ( BABA ) said Tuesday it has agreed to sell 100% of the equity interest in Chinese department store operator Intime, and expects to record a loss of about 9.3 billion renminbi ($1.3 billion) due to the sale.

The company and a minority shareholder are selling Intime to a group of buyers comprised of Youngor Group and members of Intime's management, with expected gross proceeds to Alibaba ( BABA ) of about 7.4 billion renminbi, the company said.

Alibaba ( BABA ) holds about 99% of the equity interest in Intime. The company said the sale is subject to regulatory clearance.