Wal-Mart Expands Into South Korea

Wal-Mart Stores Inc. acquired a majority interest in four South Korean stores, along with six undeveloped sites, continuing its international expansion. The world’s largest retailer didn’t disclose terms of the purchase from South Korean businessman H.S. Chang. The three stores near Seoul and one in Taejon had combined sales of more than $160 million last year and employ more than 800 people. Wal-Mart plans to begin building on some of the sites this year. Wal-Mart’s entry into South Korea is part of a far-flung international expansion plan. Shares of Bentonville, Ark.-based Wal-Mart rose $1.06 to close at $64.19, a 52-week high, on the NYSE.