Search
 

Wal-Mart Exits Germany, Sells Stores to Metro

BERLIN-Wal-Mart is pulling out of Germany after it reached a deal with Metro to take over its 85 stores in the country.

By Anita Howarth | Updated on July 28, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

BERLIN-Wal-Mart has agreed to sell its 85 stores in Germany to the Duesseldorf-based Metro AG for an undisclosed sum. The deal ends a 10-year attempt by the world’s largest retailer to penetrate the market.

“After we concentrated our activities in areas of our growth strategy that we believed would promise the greatest success, it became increasingly clear that under the current economic situation in Germany it is difficult to achieve the size and results that we are seeking,” Michael Duke, Wal-Mart Stores Inc. vice chairman, says in a statement. Metro says in a statement the company would see a positive financial effect from the transaction, but neither company provided any details.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.