NEW YORK -- 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 more than 90 locations and 9,000 workers under the brands Changomas, Mi Changomas, Walmart Supercenter and Punto Mayorista. The Changomas, Mi Changomas, and Punto Mayorista signs will remain on the stores, but Walmart Supercenters will be renamed.
In October, Walmart said it was selling its British supermarket chain Asda for 6.8 billion pounds ($8.8 billion). Walmart is retaining a minority stake and a seat of the board at Asda.
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