Wal-Mart's Davies Resigns

Wal-Mart's George Davies announced his resignation Friday.

Founder and president of the company's George apparel line in the U.K., Davies was responsible for popularizing apparel shopping in British supermarkets. The discount brand has been sold exclusively at Asda grocery stores, but since the chain was acquired by Wal-Mart a year ago, was scheduled for global expansion. Plans to introduce the brand in German Wal-Mart stores are still in the works.

Davies instituted the George brand 10 years ago. He told reporters he wants to pursue new opportunities in retail independently. No successor has been named for the position.