The retailer said Friday that it plans to sell its Argentina subsidiary, which started in 1995, to Grupo de Narváez, which runs food, clothing and consumer goods retail businesses in Latin American countries.
Walmart’s Argentina business comprises more than 9,000 associates, according to the retailer’s statement. Some of its store formats will stay the same while others will be rebranded, the company said. The retailer said also that it would not keep an equity stake in the business. “The Changomas, Mi Changomas and Punto Mayorista banners will continue to serve customers in Argentina, following the transaction. Walmart Supercenters will be rebranded following a transition period,” it said.
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