Walmart Inc. recently agreed to sell its business in Argentina to Grupo de Narváez, a Latin American group with retail operations in Argentina, Ecuador and Uruguay. The company will continue to support the business through transition services and sourcing agreements under the new ownership. However, it will not retain an equity stake. Walmart Argentina started operations in 1995.
Walmart Argentina has more than 90 stores and 9,000 associates under the Changomas, Mi Changomas, Punto Mayorista and Walmart Supercenter banners. The first three banners will continue to serve customers in Argentina following the transaction, whereas Walmart Supercenters will be rebranded following a transition period, the US retailer said in a press release.Walmart has agreed to sell its Argentina business to Grupo de Narváez, a Latin American group with retail operations in Argentina, Ecuador and Uruguay. It will continue to support the business through transition services and sourcing agreements under the new ownership. However, it will not retain an equity stake. Walmart Argentina started operations in 1995.#
Judith McKenna, president and chief executive officer of Walmart International, said: “We are excited by the local retail expertise the new owners bring to this already strong business, and we believe this deal creates the right structure to help it truly flourish for many years.”
Fibre2Fashion News Desk (DS)
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