Walmart Inc. said Friday (Nov. 6) the company has agreed to sell its Argentina business to Grupo de Narváez, a Latin American group.
The new owner has retail operations in Argentina, Ecuador and Uruguay, according to a news release.
Walmart will continue to support the business through transition services and sourcing agreements under the new ownership, however, it will not retain an equity stake, according to the release. The company will remain one of Argentina’s largest employers.
Dolores Fernandez Lobbe will continue to support the business through a transition period, after which she will move into a new role within Walmart, according to the release.
Walmart Argentina started operating in 1995, with the launch of its first shop in Avellaneda. The business grew to more than 90 stores and 9,000 employees under the Changomas, Mi Changomas, Walmart Supercenter and Punto Mayorista banners. 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, the release said.
“We are very proud of our Argentina business and associates as they’ve led and shown resilience throughout this year serving customers when they needed them most,” Judith McKenna, President and CEO of Walmart International, said in a statement. “We are excited by the local retail expertise the new owners bring to this already strong business, and we believe this deal creates the right structure to help it truly flourish for many years.”
The international sell-off is the second for Walmart this fall. In October, the company reached a deal to sell a majority interest in its British-based grocery retailer Asda.
Walmart operates stores in 27 countries.