Wal-Mart Korean sale approved
By:
Updated: April 17, 2007
The Shinsegae Company will pay Wal-Mart $882 million dollars for the stores. The deal was originally made in May, pending Commission approval.
After eight years in South Korea, Wal-Mart, the world`s largest retailer, won just 4 percent market share, and posted a 2005 net loss of $10.49 million.
Analysts say the exits of Wal-Mart and other western retailers highlights the intense competition among global retail players in Asia and a shift into fast-growing markets such as China and India.
(Copyright 2006 Newsroom Solutions, LLC)
