Media Markt, the German consumer electronics retail brand, is likely to shut down operations in China due to cutthroat competition.

The chain is a joint venture between Media Saturn Holdings owned by Germany’s Metro and Foxconn Technology of Taiwan. It has opened seven stores in China since entering the market in 2010.

While no formal decision has been announced, Metro is reportedly mulling withdrawal from the joint venture as competition gets tougher to deal with.

“Since all decisions are only at the discretion of our shareholders and since they are still pending, Media Markt China is not in the position to give comments or statements,” the company said in a statement.

The Chinese market has attracted many foreign consumer electronics retailers in recent years, however, things were not smooth as expected. Two years ago, Best Buy closed its nine US-style big box stores and its headquarters in Shanghai.

GB