As part of the restructuring of its international operations, Walmart is selling its business in Argentina. The retailer will not retain an equity stake in the business and announced that it would record a non-cash loss of roughly $1 billion. The move comes after Walmart sold a majority stake in its Brazil business in 2018 and its UK business Asda this year.
Walmart isn't the only multinational corporation fleeing Argentina. Companies are exiting the country as a recession and tough policies impede normal operations.
Walmart’s departure comes after Argentina President Alberto Fernandez’s government has increased currency controls and temporarily frozen prices on consumer items from food and beverages to mobile phone plans and internet service.