Complaint Review: Walmart

I was a department manager for Sam's Club a division of Wal-mart and attended their year end meeting in Memphis Tennesee in Feb 1991. At one meeting attended by hundreds's of managers the corporation people introduced their new parteners in Mexico and encouraged us to buy the stock and reminded us that the employees who got in to Walmart in the early years they went public became Millionaires. They even sujested that now that the government allows a person to rollover their IRA's into stock could roll it over to cifra SA the name of the stock of their new parteners so I did just that. I paid from 1.67 to 2.50 a share and invested $15,000 (all that I had), I had about 1600 shares. Shortly after the Mexican peco was devalued and the Mexican economy collapsed. Guess what? Walmart had a clause in the partenershp that said that they cold pull out of the contract if that happened. So they did. By this time I had quit the company and had no contact with anyone so I did not know what else to do but sell my stock at a loss so I sold it for about 68 cents a share. Then Nafta passed and so walmart went back into Mexico and bought out the whole company. The stock soared to about $40 a share. I felt like I had been scammed by this big company. I have never gotten over it. That was a dirty trick telling us low on the ladder managers to invest and then pull out.

Lkd8225
Glouster, Ohio
U.S.A.