Walmart says selling Argentina operations, taking $1 bn loss

AFP

6th November, 2020 09:34:06 printer

Walmart says selling Argentina operations, taking $1 bn loss

Walmart said Friday it is selling its operations in Argentina to Grupo de Narvaez, which will cause the global retail giant to take a $1 billion loss.

The sale ends 25 years of operations in the country, where Walmart built a chain of 90 stores with 9,000 employees.

"Due to our decision to divest of this business, we will record a non-cash loss of approximately $1 billion, after tax, in the third quarter of fiscal 2021, primarily due to cumulative foreign currency translation losses," the company said in a regulatory filing.


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