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Wal-Mart pulls out of Germany
Worlds biggest retailer surrenders to the discounters after eight-year battle
Wal-Mart has finally pulled the plug on its German venture and is handing over its 85 stores to Metro.
The deal will cost the worlds biggest retailer $1bn and means Metro can take over the sites with no debt burden.
Wal-Mart blamed a weak Germany economy for the move. However, since it entered the German market in 1998, it has struggled to compete with the leading local discounters including Aldi and Metros Real chain.
In June, it was reported that Wal-Mart was considering the closure of unprofitable stores. Speaking at the time, David Wild, director of the US retailer's German operation, said: If we come to the conclusion that we cannot make them profitable in the long term, we will close them.
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