The application must be deleted and recreated using the new SKU / Bundle ID.
Remove the app from the sale by choosing Pricing> Choose Territories> Unselect
Uninstall the application in the More section (to the right of Prerelease, Price, etc.)> Uninstall the application
Create the application under the developer account as a new application with the same name with a new SKU / Bundle ID.
This will delete any reviews / ratings, gamecenter data, iCloud data and any other data related to this application. You will have to recreate any app purchases that you had.
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