Mexico-based retail and banking firm Grupo Elektra will wind down its operations in Brazil, exiting the market where it operates 35 of its almost 1,200 stores. Elektra stores sell consumer electronics, appliances and home furnishings.
Mexican retailer Grupo Gigante will acquire RadioShack de Mexico, a deal that includes the retailer's brands, trademarks and 251 stores, for $31.8 million. Grupo Gigante, which operated RadioShack stores in Mexico from 1992 to 2008, will make the acquisition under its Office Depot de México division, the company said.
Mexico-based Grupo Coppel has grown from a single Mazatlan gift shop started in the 1930s by Enrique Coppel Tamayo to a 1,000-store chain run by his five sons which has grown and thrived by extending credit to lower-income residents. The company generates about $4.6 billion in annual sales.