Portland, Ore. is the first city to divest itself from Wal-Mart, reports the New Yorker.
Last fall, it passed a resolution to axe the discount retailer from its portfolio, and it began selling its stake earlier this month. The company made up 3% of the city’s about $1-billion portfolio.
The first of the city’s Wal-Mart bonds reached maturity in May, the New Yorker reports, and Portland won’t replace them.
While Portland is the first large American city to disassociate from Wal-Mart, institutional investors in Europe have shunned the company for years. Portland city councilors cited Wal-Mart’s low-wages, employee treatment, and other aggressive cost-cutting practices as reasons for the ban.
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