Ecommerce conglomerate Walmart commences renewed attempts to sell Asda
Category: #retail  By Pankaj Singh  Date: 2020-07-22
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Ecommerce conglomerate Walmart commences renewed attempts to sell Asda

Globally acclaimed retail giant Walmart had reportedly started commencing discussions to sell its Asda business, earlier this year. Walmart’s desire to divest Asda, its grocery arm in UK, is rather well-known. However, the advent of the COVID-19 pandemic apparently put a dampener to its plans. Now, Walmart seems to have decided that it will resume efforts to find interested suitors for Asda all over again. Indeed, talks are already in the pipeline with some third-party investors, reports say.

In an official statement, Walmart admitted that it believes that the time is now ripe for an impending sale, so as to explore various options for stakeholders to invest in its business and speed up the long-term delivery of its value strategy  both, in its brick-and-mortar stores as well as online platforms.

The current COVID-19 pandemic has irrefutably demonstrated Asda’s resilience and is reflective of the significant role the retailer has played in order to support communities, says Walmart. The ongoing talks may or may not end in a certain deal, however, despite the same, the retailer seems to have a clear international strategy in place. Doug McMillon, Chief Executive Officer, Walmart, has been quoted to say that the overseas plan will be rather strategic and will retain a major focus on Mexico, India, Canada, and China.

Sources familiar with the knowledge of the matter also claim that Walmart has declared an investment of USD 3.5 billion spanning the next five years, so as to generate massive growth and to ensure that in-store as well as online shopping is made much faster, convenient, and simpler for users. For the uninitiated, Walmart had earlier invested in the India-based Flipkart, pouring in a substantial fresh capital of USD 1.2 billion into the growing business.

On Monday, Walmart’s shares were trading slightly higher at $131.92, an increase of 18 cents in the early afternoon session.

Source Credits: https://talkbusiness.net/2020/07/walmart-resumes-efforts-to-sell-asda/



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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