Walmart to Close Moscow Office
Posted on December 13, 2010 by
BENTONVILLE, Ark.--Walmart will close its office in Moscow, but will continue to pursue opportunities to open the Russian market.
According to a statement from the retailer, "it remains interested in entering the Russian market through an attractive acquisition." Doug McMillon, chief executive officer of Walmart International, called Russia "a compelling retail opportunity. Since we have decided to enter the market through acquisition, not greenfield development, and since there is no clear acquisition partner in the near term, there is not a business reason to continue our Moscow representative office."
The statement did not specify the date on which the office will be closed.