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Wal-Mart quits poor markets, mulls closing 5pc or 30 Brazil stores
WAL-MART Stores Inc is considering closing about 30 stores and renting some of its property in Brazil next year, Brazil's Valor Economico newspaper reported.
Wal-Mart declined to comment directly about store closings, telling Reuters it is "constantly reviewing its portfolio and making decisions based on what's best for the business and clients."
Two months ago Wal-Mart CEO Doug McMillon pledged to review Wal-Mart's global store base to eliminate underperforming units. It has begun selling noncore businesses in Latin America, including property in Chile and a restaurant chain in Mexico.
Net sales in Brazil fell 0.4 per cent in the third quarter, below the performance of GPA and Carrefour, Valor reported.
Wal-Mart declined to comment directly about store closings, telling Reuters it is "constantly reviewing its portfolio and making decisions based on what's best for the business and clients."
Two months ago Wal-Mart CEO Doug McMillon pledged to review Wal-Mart's global store base to eliminate underperforming units. It has begun selling noncore businesses in Latin America, including property in Chile and a restaurant chain in Mexico.
Net sales in Brazil fell 0.4 per cent in the third quarter, below the performance of GPA and Carrefour, Valor reported.
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