Wal-Mart de Mexico has finally sold its Vips chain of restaurants, a burden that financial analysts say was becoming a distraction from the retailer’s core business.
The 362 Vips branches were sold to Alsea, the restaurant operator that owns all the Starbucks cafes in Mexico, for 627 million dollars.
Alsea also operates many of the country’s Burger King and Domino’s Pizza outlets.
There are Vips restaurants in 65 Mexican cities, employing around 20,000 people. It will become Alsea’s only homegrown name in its portfolio.