Walmart to Sell Operations In Recession-hit Argentina, Taking $1 Billion Hit

Walmart Inc, the world’s largest retailer, said on Friday it was selling its retail operations in Argentina to South American supermarket chain owner Grupo de Narváez, pulling back as the country grapples with an economic crisis, Reuters reported. The U.S. company did not disclose the size of the deal for retail operations involving more than 90 stores, but said it would record about a $1 billion after-tax, non-cash loss related to the divestiture in its fiscal third quarter next year. The sale comes as Argentina, mired in recession since 2018, has just emerged from a sovereign default and is grappling with a currency crisis. The government has been fending off talk that international firms are looking for the exit. Lorenzo, economist at consultancy LCG, adding there was huge uncertainty over policy. Read more