Dangdang Responds to Rumors of Financial Problems
Sohu IT, 7/20/12
Chinese B2C e-commerce site Dangdang (NYSE: DANG) issued a public statement today saying that it had paid suppliers in accordance with contracts. Dangdang said that it had not been remiss in payments, and that delays were the result of exceptionally rare problems with coordinating bank accounts and receipts. Regarding employee compensation issues, Dangdang said that it had reached an accord with its employees. According to the company's financial reports, Dangdang's cash and cash equivalents, short-term deposits, and held-to-maturity investments totaled RMB 1.393 bln as of the end of Q1 2012, giving the company healthy cash flow.
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