Mexico's Walmex says begins process to sell clothes chain Suburbia

Mexican retailer Walmex said on Monday it has begun the process to sell clothing retail chain Suburbia, as part of its efforts to focus on its core business.

Walmex, the Mexican and Central American division of Wal-Mart Stores Inc and known officially as Wal-Mart de Mexico, said in a statement to the local bourse that the process was in an initial phase, and may ultimately not even result in a sale. 

Suburbia is a national clothing chain with 117 stores across Mexico, Walmex said in a statement. Suburbia represented about 3.5 percent of Walmex' 2014 total sales, it added.