Walmart Withdraws from Argentina, Selling Operations to Local Supermarket Chain

The worlds largest retailer said it would record about a US$1 (R$5.6) billion after-tax, non-cash loss related to the divestiture in its fiscal third quarter next year.

RIO DE JANEIRO, BRAZIL - Walmart Inc, the world’s largest retailer, said on Friday it was selling its retail operations in Argentina to South American supermarket chain owner Grupo de Narváez, pulling back as the country grapples with an economic crisis.

The U.S. company did not disclose the size of the deal for retail operations involving more than 90 stores, but said it would record about a US$1 (R$5.6) billion after-tax, non-cash loss related to the divestiture in its fiscal third quarter next year.

The sale comes as Argentina, mired in recession since . . .

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