No Word From Walmart on China Closures

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As Wal-Mart Stores Inc expanded its internal bribery probe to developing markets including China, the world's largest retailer refused to comment on recent reports that the company will close 100 stores that are not making money.

Wal-Mart began a global internal bribery probe in March 2011, in a number of markets including Brazil, China and India, in addition to the ongoing investigation in Mexico, according to Wal-Mart China's public relations office.

The retailer said it would be inappropriate to comment on the specific allegations until the investigations are completed.

Wal-Mart said that there is no correlation between the slowdown in the development strategy in the Chinese market and the extension of the internal probe in developing markets beyond the company's Mexican unit to Brazil, China and India.

Wal-Mart said last year said that the US Justice Department and Securities and Exchange Commission were investigating whether Wal-Mart's Mexican division bribed officials to ensure market dominance.

Read the rest here: China Daily

 

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