Saint-Gobain closes down DIY stores in China

(ADPnews) - Mar 10, 2011 - French building materials group Saint-Gobain (EPA:SGO) announced on Thursday the closure of its La Maison do-it-yourself (DIY) stores in Shanghai, China, due to falling demand for home decorating tips.

La Maison flagship store as well as six design showrooms stopped working this week, a spokesman of the Chinese division told AFP.

Saint-Gobain's decision comes few days after US toy maker Mattel Inc (NASDAQ:MAT) announced the closure of its Barbie concept store in Shanghai. Recently, US retailers Best Buy (NYSE:BBY) and Home Depot (NYSE:HD) also decided to move out of China.

Today at 1341 CET shares in Saint-Gobain had inched down 1.19% to EUR 41.41 on Euronext Paris.

(EUR 1.0 = USD 1.384)

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