Walmart in talks to sell majority stake in its largest overseas market

The U.S. retailer seems ready to exit its largest international market with sale of grocery chain

TRD New York TRD WEEKEND EDITION /
Apr.April 28, 2018 03:48 PM

(Credit from front: Pixabay, The Conmunity – Pop Culture Geek)

Walmart seems to be ready to downsize its U.K. operations.

The retailer is reportedly selling its majority stake in the grocery chain, Asda Group, to rival grocer J Sainsbury and take a 40 percent stake in the new entity, according to the Wall Street Journal.

Asda has about 600 stores throughout the U.K. and was acquired by Walmart in 1999. It represents the retailer’s largest foreign market by revenue, according to the Journal.

The sale is viewed as a move to counter fierce local competition from Walmart’s side, while Sainsbury has been working to build out its footprint to compete with Amazon, as the Journal reports. Sainsbury says it will announce more details about the talks with Walmart on Monday. [WSJ]Erin Hudson


Related Articles

arrow_forward_ios
Mall of San Juan (Taubman)

Taubman’s $475M Mall of San Juan gets “knocked out” after reopening

Taubman’s $475M Mall of San Juan gets “knocked out” after reopening
Clockwise:  CBRE's Michael Remer, Richard Hodos and Joel Stephen with the Wizarding World Building at 935 Broadway (Images via CBRE)

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Right to left: 831, 835 and 837 Madison Avenue (Google Maps)

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate
Lord & Taylor and Men’s Wearhouse are just the latest big retail chains to file for bankruptcy (Lord and Taylor by Bruce Bennett/Getty Images; Men's Warehouse by Scott Olson/Getty Images)

Lord & Taylor, Men’s Wearhouse file for bankruptcy

Lord & Taylor, Men’s Wearhouse file for bankruptcy
Banana Republic CEO Mark Breitbard and Tishman Speyer CEO Rob Speyer (Breitbard by Neilson Barnard/Getty Images for GQ; Speyer by Drew Angerer/Getty Images; Banana Republic via Google Maps)

Banana Republic sues to stay in Rockefeller Center

Banana Republic sues to stay in Rockefeller Center
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Brookfield's Ric Clark (Getty)

Brookfield, creditors reach deal on REIT’s $6.4B credit facility

Brookfield, creditors reach deal on REIT’s $6.4B credit facility
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...