Walmart de Mexico, the Latin American country’s largest retailer, is looking to offload specialty store Suburbia in order to focus on its core big-box business.
Walmex, as the chain is known locally, said in a statement issued to shareholders and the general public on Monday that it would start to consider third party offers for the apparel division.
“The process is in its early stages and there are no assurances that a transaction will take place or other terms and conditions of a potential transaction,” the notice said.
Suburbia has 117 stores across 42 cities in 32 Mexican states, selling a range of apparel, shoes and accessories for men, women and children, as well as tech, beauty and home products.
For the year ended Dec. 31, 2014, Suburbia accounted for 3.5% of consolidated sales at Walmex.
Analysts quoted by El Economista believe the chain store could sell for as much as 34 billion pesos, or nearly $2 billion.
The news followed Walmart’s announcement last week that it would close 115 loss-making stores in the Latin American market, including 60 in Brazil, as part of a restructuring effort. The company didn’t specify where the other closures would be, but said it also planned to open between 200 and 240 stores internationally in the coming year.
Walmex ended 2015 with 3,066 stores.