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Walmart Stores Closing Its Moscow Office

12/13/10 07:41 AM ET   AP

Walmart

BENTONVILLE, Ark. — Wal-Mart Stores Inc. is closing its Moscow office but says it is still interested in the Russian market.

The world's biggest retailer said Monday that it has been looking to enter the Russian market through an acquisition, but has not found a near-term opportunity so it does not need the Moscow office at this time.

Doug McMillon, the CEO of Walmart International, says in a statement that Wal-Mart "will continue to pursue market entry opportunities."

Wal-Mart has continued to expand its business overseas in countries including Brazil, China and India. Last month Wal-Mart announced that it was buying a controlling stake in South African retailer Massmart in a 17 billion rand (approximately $2 billion) deal.

Wal-Mart's overseas business makes up about 25 percent of its revenue, generating more than $100 billion in the fiscal year that ended Jan. 31.

Wal-Mart, based in Bentonville, Ark., has 8,692 stores in 15 countries. Its fiscal 2010 sales were $405 billion.

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Filed by Ryan McCarthy  |