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Wal-Mart buys biggest Dominican retail chain

SANTO DOMINGO. – La Sirena, a supermarket and department store chain operating in various cities, has been sold to the U.S.’ biggest retailer Wal-Mart, for more than US$800.0 million.

Quoting sources close to the deal, reports that the chain owned by the Grupo Ramos has been at the center of persistent rumors, that the deal is nearly concluded.  “We are aware of it, but we can’t comment anything about it.”

It said the formal transaction was slated for 16 August, but postponed for another date, possibly announced in the coming days. “Some say it will be Saturday, August 25.”

The deal, the outlet reports, doesn’t include Pola, the country’s biggest supermarket chain.

The Ramos group of companies is among the country’s biggest employers, second only to the Popular Financial Group.

There are 21 La Sirena stores nationwide, 13 of which are located in greater Santo Domingo.

Source: Dominican Today

Category: DR News |

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Last updated October 26, 2016 at 10:54 PM
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