Sears, Roebuck & Co. is selling 60% of its Mexican operation to Grupo Carso, a Mexican conglomerate, for $103 million. Sears will retain a 15% interest following the sale. Said Sears Chairman-CEO Arthur C. Martinez: "The management of Grupo Carso has clearly signaled its intention to expand the number of Sears outlets, protect the Sears brand and grow the concept in Mexico." Grupo Carso has holdings in construction, auto parts, consumer goods and retailing, including the Sanborns chain.
Copyright April 1997, Crain Communications Inc.