The value of stocks in the Liverpool department store chain gained value a day after Liverpool signed an agreement with Wal-Mart de México (Walmex) to buy the Suburbia department store chain.
Around 9:25 a.m. Wednesday, stocks in Liverpool showed gains of 3.4 percent, while Walmex stocks showed gains of 2.41 percent.
After six months of negotiations Wal-Mart agreed to sell the 119 Suburbia stores to Liverpool for 19 billion pesos ($1.06 billion).
The sale includes the rights to the name Suburbia, the 119 stores, 78 leases on buildings or land with third parties and 34 leases with Wal-Mart.
In a statement released Wednesday, the Liverpool purchase of the stores will allow them to increase their income by around 14 percent.
Suburbia sells specialized clothes. Its 119 stores are spread around 30 or the 32 states in Mexico.
Suburbia’s brands include Weekend, Contempo, Non Stop, La Mode and Metrópolis.
