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.

(Reporting by Gabriel Stargardter and Veronica Gomez)

Stocks treated in this article : Wal-Mart Stores, Inc., Wal-mart de Mexico S A B de C V