Wal-Mart Stores closing its Moscow office

[December 13, 2010]  BENTONVILLE, Ark. (AP) -- Wal-Mart Stores Inc. is closing its Moscow office but says it is still interested in the Russian market.

The world's biggest retailer said Monday that it has been looking to enter the Russian market through an acquisition, but has not found a near-term opportunity so it does not need the Moscow office at this time.

Doug McMillon, the CEO of Walmart International, says in a statement that Wal-Mart "will continue to pursue market entry opportunities."

Wal-Mart has continued to expand its business overseas in countries including Brazil, China and India. The company based in Bentonville, Ark. has 8,692 stores in 15 countries.

[Associated Press]

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