Walmart agrees to sell its business in Argentina

National News

FILE – This June 25, 2019, file photo shows the entrance to a Walmart in Pittsburgh. Walmart, the nation’s largest retailer and private employer, said late Saturday, March 14, 2020, it is limiting store hours to ensure they can keep sought-after items such as hand sanitizer in stock amid the coronavirus pandemic. (AP Photo/Gene J. Puskar, File)

NEW YORK (AP) — Walmart is selling its business in Argentina as it continues to restructure its international division.

It will continue to support the business transition services and sourcing agreements under Grupo de Narvaez, the company that is acquiring it, but it  will not retain an equity stake.

Walmart Argentina began operations in 1995 with a single shop in Buenos Aires. It has since expanded to more than 90 locations.

Walmart operates stores in 27 countries under various names and has taken some lumps as it has attempted to export its low-price strategy overseas.

It’s given up on operations in several international markets because it’s lacked the scale to press local suppliers on price as it does in the United States.

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