The Mexican subsidiary of retailer Walmart Stores, Walmax will sell its Suburbia clothing stores to department store chain operator El Puerto de Liverpool for 19 billion pesos or around $1.03 billion.
The acquisition includes 119 stores of which seven are fully owned, 78 are on property leased from third parties and 34 alongside other Walmex operations, as well as Suburbia brands and other assets.The Mexican subsidiary of retailer Walmart Stores, Walmax will sell its Suburbia clothing stores to department store chain operator El Puerto de Liverpool for 19 billion pesos or around $1.03 billion. The acquisition includes 119 stores of which seven are fully owned, 78 are on property leased from third parties and 34 alongside other Walmex operations...#
According to Liverpool, Suburbia will broaden its business model and customer base as it seeks to expand in the clothing and footwear business.
The acquisition, which requires antitrust approval, will be financed with cash and long-term debt that has already been secured. (AR)
Fibre2fashion News Desk - India
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