Retailer blames highly competitive market
Global retail giant Wal-Mart is to withdraw from South Korea.
The retailer is to sell its 16 hypermarkets in the country to local business Shinsegae for US$882 million (£470.2 million).
Wal-Mart said it is quitting the country after being unable to expand its portfolio as it had previously hoped, because of the highly competitive marketplace.
Shinsegae, South Korea's largest grocery chain, will rebrand the Wal-Mart stores to its E-Mart fascia. It has 79 stores and is understood to be planning to grow to 130 outlets by 2009.
Wal-Mart is expected to use some of the cash generated by the sale to expand further in Latin America and Europe.
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