Private equity firm Advent International Corp will drop the Walmart Inc (WMT.N) brand from supermarkets it acquired last year in Brazil by June 2020, the Brazilian retailer said in a statement on Monday.
The retailer itself will also be renamed to Grupo BIG from Walmart Brasil, it said.
The rebranding is likely to yield operating savings to the retailer, as the Brazilian supermarket chain currently pays royalties to Walmart for the use of its brands. Still, Sam’s Club will continue to be used.
Grupo BIG, which has 550 markets, said in the statement ten new Sam’s Club stores will be opened by August 2020. It added that it will invest 1.2 billion reais in its stores in the next 18 months.
Source:
Reuters
