(Filed Under Financial and General Interest News). Wal-Mart Stores Inc. announced Monday that it will close its Moscow office after failing to enter into any acquisition deals in the region.

“The Russian market is a compelling retail opportunity and we believe that Russian consumers could benefit from Walmart’s value proposition,” said Doug McMillon, C.E.O of Walmart International. “Since we have decided to enter the market through acquisition, not greenfield development, and since there is no clear acquisition partner in the near term, there is not a business reason to continue our Moscow representative office. We will continue to pursue market entry opportunities.”

McMillon added that Walmart remains excited about its international business.

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Published 12-16-2010 by Amanda Torres Price