Walmart Sells To Chinese Investment Group For Over $500B

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Walmart Sold To Chinese Investment Group For Over $500B

 

BENTONVILLE, Arkansas –

Sam Walton founded Walmart on July 2, 1952 after working for retail giant J.C. Penny for several years. Walton died in 1992 of bone cancer just as his franchise had become one of the biggest in the entire world, however the company would remain in the family the entire time. Today, though, it was announced that the company is being sold to a group of Chinese investors, the Chine Investment Group, better known as CIG.

CIG, led by CEO and president of financial operations, Bao Chang, purchased Walmart from the wealthy Walton family for a world record $535 billion USD. The deal also includes Sam’s Club, Walmart Express, although Walmart International currently, and curiously, remains off the deal.

In an early morning press conference, including both Chang and S. Robson Walton, Chang announced that the store would remain just as it has for several years, with the exception of a name change.

“It is with great honor that we purchase and take over this great franchise establishment, the service to customers worldwide will remain just as dependable,” Chang said. “We will be changing the name of the legendary store to ‘China-Direct’, being that most products sold in the store are, indeed, made in China. This is a great day for the country of China, as well as the shoppers of the United States.”

Today there are over 11,000 Walmart stores located throughout 27 countries, with the number growing every year since the company was founded. Chang insists that the name change will not affect those who shop at the store, though.

“Everyone knows that China makes a great product. If anything, the name change will generate more respect for the company, therefore making it more successful. When people shop, they want to see that little sticker that says ‘Made in China’ and nothing will be sold in our stores which isn’t made in China. We must give the people, especially the American people, the product they truly wish for and deserve.”

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