Chinese electronics and home appliances retailer Gome has announced that its board of directors has decided to sue its former executive director Huang Guangyu.

Chinese electronics and home appliances retailer Gome has announced that Chen Xiao, chairman and president of Gome, will no longer hold the position of president and the position is now given to Wang Junzhou, former executive director and executive vice president of the company.

Beijing No. 2 Secondary Court has issued an indictment to Gome Electrical Appliance Company, a wholly-owned subsidiary of Chinese electronics retailer Gome, which has allegedly been involved in a bribery scandal.

Chinese electronics retail giant Gome's financing scheme has gained new progress and the U.S. private equity firm Bain Capital will reportedly buy a 18% stake in Gome for USD400 million.

Chinese electronics retailer Gome Electrical Appliance has published a report that Huang Guangyu has resigned his positions as director and chairman of the board of Gome, replaced by Gome's current executive president Chen Xiao.

Chinese electronics retailer Gome has officially suspended the administrative duties of its chairman Huang Guangyu.

Chinese electronics retailer Gome, whose chairman Huang Guangyu is currently under investigation for financial crimes, has started initial negotiations with foreign investors for the possibility of sales of stakes in the business.

Hoping to bolster investor and supplier confidence, Chinese electronics retail giant Gome has hired the Ernst & Young Hong Kong office as an independent external accounting division to check Gome's financial conditions as of November 30, 2008.

With Chinese electronics retailers pessimistic about the next few financial quarters because of the financial crisis, Best Buy (BBY) has its blinders on in China and has just opened two new stores in Shanghai, increasing its total retail outlets in China to four.

Chinese electric appliances retailer Gome has published a notice stating the company has appointed its president Chen Xiao as acting chairman.

The Japan-headquartered TV maker Sharp has signed a CNY1 billion LCD TV supply and marketing contract with Gome Electrical Appliance at the Chinese retailer's headquarters in Beijing.

According local media reports, Huang Guangyu, chairman of Gome Electric Appliance Group, is currently under investigation by Beijing police for stock market manipulation.