Hmm.. Walmart has sold ALL its S.Korea stores

[SoCalDem]

BBC World news just announced it, but had no details.. I wonder if the employees all got together and wanted a union :)


http://biz.yahoo.com/prnews/060522/nym125.html?.v=40
Wal-Mart Announces Sale of South Korean Business

Monday May 22, 1:01 am ET
16-Supercenter Chain to be Sold to South Korean Retailer Shinsegae

BENTONVILLE, Ark., May 22 /PRNewswire-FirstCall/ -- Mike Duke, Vice-Chairman of Wal-Mart Stores, Inc., announced today that Shinsegae Co. has agreed to purchase the company's South Korean retail business for Won 825 billion (US$882 million).

Shinsegae is South Korea's leading retailer with 79 E-Mart hypermarkets in the country. It will continue to operate Wal-Mart Korea's 16 stores but rename them E-Mart.

"As we continue to focus our efforts where we can have the greatest impact on our growth strategy, it became increasingly clear that in South Korea's current environment it would be difficult for us to reach the scale we desired," said Duke. "We have decided to sell our business to the market leader as we believe this is the best option for our associates, customers and shareholders."

"Our very capable associates in South Korea have made strong contributions to our business," continued Duke. "We are confident they will continue to have growth and career development opportunities as part of Shinsegae. We will work closely with Shinsegae to have a smooth transition."

Wal-Mart will continue to have a Global Procurement sourcing office in Seoul. Wal-Mart stores in the United Kingdom, United States, Mexico and other markets carry South Korean products including apparel, plush toys and home textiles


snip.....

[notadmblnd]

1. going for a lower profile in a forgien country?

Now that the entire world hates America, I can see where their profits wouldn't be quite up to what Wal-Mart used to in this country.

[Ice4Clark]

2. Perhaps they worry that if things heat up with No Korea

they won't have to worry about their investments in So Korea? I don't trust the company. Something smells....

[mzteris]

6. maybe they know something we don't?

After all they are a very repug company. . .

[Neoma]

3. *sigh*

[Yollam]

4. Good. I hope they get their asses out of Japan too.

They run a couple of chains under different names here, too.

[charlie]

5. Probably couldn't cut it

Walmart benefits from its tightly integrated supply chain over here, close partnerships with manufacturers who work doubletime to appease the autocratic gorilla. In Asia, they're going up against types of megacorps they've never had to deal with before, like Samsung and LG who own everything worth owning in Korea -- those guys make everything from baby food to munitions in house. Also, most Koreans make frequent trips to local groceries instead of driving umpteen miles to a big box for 2 weeks worth of stuff, because freshness and quality is important and traffic is a nightmare to be avoided.

[izzie]

7. I wonder why? After all our army is still their to protect them.

I am frankly sick of our service being over seas to protect out corp. and yet we are having trouble traveling over seas and half of mexico in in the US. It seems to be all back wards.