Walmart to close its Mexican market for the second time in as many months
Walmart has decided to close the Mexican market in the U.S. for the third time in the last four years, ending a long-running trend.
The company announced the closure Monday.
The Mexican market is the most important for Walmart’s international sales and is expected to generate more than $1 billion in annual sales for the company this year, the company said in a statement.
Walmart said it is “reviewing our operations in the Americas” and expects to make a decision on the future of the Mexican operation “in the coming months.”
More from The Wall St Journal: Walmart suspends orders of certain models in Mexico The retailer has been grappling with an increasing number of complaints about the quality and safety of its imported products in Mexico, where the government is cracking down on counterfeiters.
In June, Walmart’s Mexican unit announced it would suspend sales of its most popular and popular models, including the El Jefe, El Tiempo and El Tiendría, and halt deliveries of the Tiendrade, Tiempos and Tiendras to customers in Mexico.
In the latest move, Walmart is also suspending orders of its more expensive models, the Joaquin, Joaquin Especial, Joaquín and Joaquin de la Fuente, in Mexico due to safety concerns.
More: Walmart announces its plan to expand its U.K. stores, and expands its business to more than 2,000 locations More Walmart news: Walmart launches its first e-commerce store in England, and plans to open 500 stores by year’s end.
The new store will feature a more traditional design and include a wide range of products including clothing, furniture, home goods and other home furnishings.
Walmart plans to hire 300 people to work at its stores in the UK.
The company plans to expand in the United States by opening a second U.N. headquarters in downtown Atlanta, as well as a fourth location in Florida.
Walmart has been looking for a new location to open a store in for years, but never found a suitable location that would fit its brand.
Other retailers that have closed their U.T.A. and Mexico operations include: Target, Target.com, Neiman Marcus, Best Buy, Target and Kohl’s.