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Mexico: Walmart sells clothing to major retailer for $1 Billion

 |  March 12, 2017

On Friday Mexico’s biggest retailer Wal-Mart said the antitrust regulator had approved the sale of its Suburbia chain of clothing stores to department store operator Liverpool.

Walmex, as the company is known, said in a statement that the COFECE had approved the deal without and conditions and that the deal would likely be closed in the coming days. The deal lets Walmex get out of a business it no longer considers part of its core operation of discount retail and grocery stores, which are riding a wave of growth in consumer spending.

Last August, the two companies announced an agreement in which Liverpool buys the 119 Suburbia stores at 19 billion pesos.

“We are totally focused on our main business and our target is to double our total sales by 2024,” Walmex Chief Executive Officer Guilherme Loureiro said in the statement sent to the Mexican stock exchange.

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