Wal-Mart Stores Inc. has closed approximately 60 stores in Brazil, or more than 10 percent of its outlets in the South American country, as the retai giant looks to restructure in one of its most important overseas markets, sources close to the company said Thursday.

People familiar with Wal-Mart's Brazil operations told Reuters that in the past few weeks the company has closed tens of its locations across the nation, mostly smaller stores, due to a falling profits margins.

Wal-Mart has declined to publicly comment but the company did announce that Flavio Cotini, currently the chief financial officer of the Brazilian operations, would become the CEO, replacing Guilherme Loureiro, who was named the head of the Mexican business. Cotini is the fourth CEO of Brazilian operations since 2008.

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