By Luke Tugby2019-05-14T09:38:00
Walmart International boss Judith McKenna has insisted the business is committed to driving Asda’s strategic plan following the collapse of its proposed merger with Sainsbury’s.
Speaking for the first time since the deal was blocked by the Competition and Markets Authority (CMA) last month, McKenna told the World Retail Congress that Asda was a business that remained “close” to Walmart’s heart, despite its failed plan to offload a 58% stake in the supermarket giant.
Rumours have suggested that Walmart would now seek a plan B to scale back its exposure to the fiercely competitive UK market. Private equity house KKR has already been touted as potential suitors should Walmart seek to sell the grocer, while a stock market float has been mooted as another potential option.
But McKenna said Asda boss Roger Burnley and his leadership team had “done a phenomenal job” over the past year and that Walmart would “make sure that they have got the resources” to press on with their turnaround plan.
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