NEW YORK (AP) — Walmart will sell its business in Argentina as it continues to restructure its international division.
Walmart will continue to support the business transition services and sourcing agreements under Grupo de Narvaez, the company that is acquiring it, but it will not retain an equity stake.
Walmart Argentina began operations in 1995 with a single shop in Buenos Aires. It has since expanded to over 90 locations and 9,000 workers under the brands Changomas, Mi Changomas, Walmart Supercentre and Punto Mayorista. The Changomas, Mi Changomas, and Punto Mayorista signs will remain on the stores, but Walmart Supercentres will be renamed.
Walmart operates stores in 27 countries under various names and has taken some lumps as it attempted to export its low-price strategy overseas.
The Bentonville, Arkansas, retailer has given up on operations in several international markets over the past 15 years including Germany and South Korea. In many cases, it lacked the scale to press local suppliers on price as it does in the United States.
In October, Walmart said it was selling its British supermarket chain Asda for USD8.8 billion. Walmart is retaining a minority stake and a seat of the board at Asda.
In 2018, Walmart Inc sold an 80 per cent stake in its Brazilian operations to a global private equity firm. Walmart gave up in Germany and South Korea in 2006.