US retail giant Walmart to sell Argentina operations to Grupo de Narvaez

US-based retail giant Walmart Inc is set to sell its retail operations in Argentina to South American supermarket chain owner Grupo de Narvaez.

Although the mega-retailer has not disclosed the deal’s size, about a $1 billion after-tax, the non-cash loss would be recorded related to the divestiture in the Q3 next year.

With the acquisition, the South American supermarket chain owner will own more than 650 stores ranging from apparel to home appliance outlets in 9 countries including Uruguay and Ecuador.

It must be noted here that Walmart began its operations in Argentina in 1995 and presently has over 90 stores and about 9,000 employees.