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Walmart announced that it is restructuring its Russian expansion plans, closing its Moscow office and saying that it no longer wants to build a retail operation there from scratch.

Instead, the company said, it will remain open to an acquisition if an appropriate opportunity presents itself. But the suggestion is that there are no active negotiations taking place.

"Since there is no clear acquisition partner in the near term, there is not a business reason to continue our Moscow representative office," Walmart International CEO said yesterday, according to the Wall Street Journal.

According to the story, “Wal-Mart is among retailers from outside of Russia that have experienced challenges expanding in the country. The world's second-largest retailer, France's Carrefour SA, pulled out of Russia in 2009 after barely getting its feet wet, but other large foreign retailers like Germany's Metro Group, France's Groupe Auchan and Sweden's IKEA Group have operations in the country.”
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