Stock Stock market

Walmart to sell Argentina stores to South American retail group

(Reuters) – Walmart Inc (N:WMT), the world’s largest retailer, said on Friday it would sell its retail operations in Argentina to South American supermarket chain owner Grupo de Narváez.

The company did not disclose the size of the deal but said it would record about a $1 billion after-tax, non-cash loss related to the divestiture in its third-quarter next year.

Walmart Argentina started operating in 1995 and currently has more than 90 stores and some 9,000 employees.

With the acquisition, Grupo de Narváez will own 656 stores including supermarkets, and apparel and home appliance outlets in nine countries including Ecuador and Uruguay, and employ more than 24,500 workers.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s