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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
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