Walmart sells Mexican apparel chain

Walmart's (NYSE:WMT) Mexican unit Walmex has sold its clothing chain Suburbia to Mexico's largest department store group, El Puerto de Liverpool SAB.

Liverpool has agreed to pay roughly $1.03 billion for the 119-store clothing chain, and will assume some debt and pay rent to Walmex for the 34 Suburbia stores that are alongside Walmart locations.

The sale will allow Walmex to exit a non-core business and focus on its discount store model. Walmart is going back to basics throughout the enterprise: closing experimental formats, bringing back greeters, and returning to everyday low pricing.

For more:
- see this Bloomberg report

Related Articles:
A deeper look at Jet and Walmart shoppers
Walmart in talks to buy Jet
Walmart's Fresh Angle gets results

Suggested Articles

Costco changes up its menu items, and Alibaba and Guess partner for a physical store.

Janey Whiteside, Walmart's new chief customer officer, is well acquainted with the importance of customer service in modern retail.

Whole Foods will offer deals on Amazon's Prime Day, and tariffs against China are causing pricing hikes.