Wal-Mart de Mexico, Mexico’s biggest retailer, announced Friday said that antitrust regulators have approved the sale of its Suburbia chain of clothing stores to the Liverpool department stores.
Walmex, as the company is known, said in a statement that the Federal Economic Competition Commission had approved the deal without conditions and that the deal would likely be closed in the coming days.
Suburbia is one of Mexico’s largest clothing retailers, with 122 stores, including three in Mérida.
Liverpool paid over 15 billion pesos for its latest jewel. With this purchase, Liverpool is Mexico’s largest department store chain by revenue. The 170-year-old company already operates 85 Liverpool department stores, 22 Fábricas de Francia stores, six Duty Free stores and 27 specialized boutiques. Liverpool also operates the Galerias Mérida mall in the north of the city.
The chain is named for the English port from which much of its shipments originated in the 1800s.
Walmex’s sale reflects its 2013 stated goal of concentrating on its superstores, such as Walmart, Sam’s Club and Superama. It has already shedded its Vips restaurant chain and its banking businesses.
Source: Press releases