Wal-Mart to Close Russia Office

BENTONVILLE, Ark. — Wal-Mart Stores here said it would close its office in Moscow, citing a lack of available acquisition targets there.

BENTONVILLE, Ark. — Wal-Mart Stores [2] here said it would close its office in Moscow, citing a lack of available acquisition targets there.

Wal-Mart said however it remains interested in expanding in Russia, Doug McMillon, chief executive officer of Walmart International, said in a statement.

"The Russian market is a compelling retail opportunity and we believe that Russian consumers could benefit from Wal-Mart's value proposition," McMillon said. "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."