Wal-Mart Stores’s Mexican unit said on Wednesday it has agreed to sell its Suburbia clothing chain to El Puerto De Liverpool for about $852 million as the world’s largest retailer streamlines operations in its largest non-U.S. market.
Wal-Mart De Mexico y Centroamerica, also known as Walmex, will sell Suburbia with its 119 stores and real estate for 15.7 billion pesos ($852 million) including debt of 1.4 billion pesos. Walmex will also receive an additional 3.3 billion pesos in items including declared dividends after the deal closes, it said in a statement.
