Walmart closes 269 stores; affects 16,000 jobs

Walmart closes 269 stores; affects 16,000 jobs

Walmart-WMT-Stock-News1

The supermarket chain Wal-Mart’s paln to shut down 269 stores worldwide would affect around 16,000 jobs, experts opines. It is known that the closure is a strategic move to focus more on its express centers and online business. The closure includes 154 US stores and covering the entire 102 Express format stores which is the smallest stores meant to fight with dollar stores which has been in pilot testing since 2011. Apart from the closure of 115 stores in American Markets the supermarket is also planning to shut down some supercenters in Sam’s club area and nearby markets.

Wal-mart spokesperson Gregg Hitt said that the criterion behind the shutting down is based on the financial performance. The general store titan – the world’s biggest organization by number of workers, with 2.1m specialists – said it was rolling out the improvements to guarantee resources were adjusted to procedure. The organization presently has just about 11,600 stores around the world.

In an announcement, it said 154 of the terminations will happen in the US, with 60 in Brazil and 55 in other Latin American nations. The lion’s share of the US terminations will affect Walmart Express stores, its smaller store division. Smaller stores have been one of the quickest growing ranges of staple retailing in the UK, with Britons moving far from the week by week big shops to nipping to the discounters.  In any case, Doug McMillon, Walmart’s owner and CEO, said it giving back its center to its bigger outlets. Walmart Express was revealed in December 2014 trying to battle two years for same-store decreases..

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