Walmart is selling its business interests in Argentina to a Latin American retail group.
Grupo de Narvaez, an organization with operations in Argentina, Ecuador and Uruguay, has acquired Walmart Argentina. This Walmart division began operating in 1995 and has expanded to 90 stores and 9,000 associates since the first store in Avellaneda.
With the completion of this acquisition, Grupo de Narvaez will operate 656 stores in nine countries with more than 24,500 employees.
The Argentina stores operate under the Changomas, Mi Changomas, Walmart Supercenter and Punto Mayorista brands. According to a company news release, the Walmart Supercenter brand will be phased out after a transition period, while the remaining three will continue to be used.
“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. 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,” Judith McKenna, president and chief executive officer of Walmart International, said in a statement.
Currently, Walmart is the ninth largest private employer in Argentina, according to the press release.