Wal-Mart to close Moscow office

Bentonville, Ark. - Wal-Mart Stores Inc. is closing its Moscow office but said it is still interested in the Russian market.

The retailer said Monday that it has been looking to enter the Russian market through an acquisition, but has not found a near-term opportunity so it does not need the Moscow office at this time.

"The Russian market is a compelling retail opportunity and we believe that Russian consumers could benefit from Walmart's value proposition," said Doug McMillon, CEO of Walmart International. "Since we have decided to enter the market through acquisition, not greenfield development, and since there is no clear acquisition partner in the near term, there is not a business reason to continue our Moscow representative office. We will continue to pursue market entry opportunities."

Wal-Mart has continued to expand its business overseas in countries including Brazil, China and India. Last month, Wal-Mart announced that it was buying a controlling stake in South African retailer Massmart in a 17 billion rand (approximately $2 billion) deal.