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Topic: Business
Number of pages / Number of words: 3 / 691
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?? 1 (PR @ Wal-Mart Website)

16-Supercenter Chain to be Sold to South Korean Retailer Shinsegae

BENTONVILLE, Arkansas ? (May 22, 2006) ? 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) ...

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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...

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