| Mexican Retailer Walmex Considers Selling Vips Restaurant Business Gabriel Stargardter - Reuters | |
| go to original June 14, 2013 |
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MEXICO CITY - Mexico's largest retailer Wal-Mart de Mexico said on Friday it has started looking into selling its Vips restaurant business as it seeks to shed non-core assets in the face of flagging sales.
The company said in a statement that the proposed sale, the first of its kind for the retailer, was at an early stage and there was no guarantee it would eventually go through.
Walmex, as the company is known, operates various restaurants including the Vips, El Porton, Ragazzi and La Finca chains. It is controlled by Wal-Mart Stores Inc.
... Vips serves 79 million customers annually via its 364 restaurants, the company said. But between 2011 and 2012, the company opened just one additional Vips restaurant, according to Walmex's 2012 annual report.
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