Wal-mart will be closing hundreds of Wal-mart locations, 269 worldwide and hundreds in the United States. Many are wondering how this retail giant, who is known for their low cost items and low paid workers losing money.
“Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future," said Doug McMillon, president and CEO of Wal-Mart Stores. The decisions were made after an analysis of the stores' financial performance and their alignment with the company's long-term goals, Walmart said in a news release.
Wal-mart is claiming they are losing up to 11 billion dollars a day and must close some to their smaller locations to keep their doors open.
The stores will begin closing their doors beginning in January and February of 2016.
It didn't help Wal-mart, they had to pay out around 60 billion dollars in a back wages law suit and are currently in a class action law suit for discriminating against women.
Wal-mart is claiming they are having trouble keeping up with online retailer giants, like Amazon. Now that other retailers are emulating their competitive edge of purchasing products from China and other over seas wholesalers, they are having trouble keeping up with some of their competitors.
Wal-mart currently employs 2.2 million people worldwide is going to have to lay off 10,000 of it's U.S. associates.
"More than 95 percent of the closed stores in the U.S. are within 10 miles on average of another Walmart, and the hope is that these associates will be placed in nearby locations," the company said. "Where that isn’t possible, the company will provide 60 days of pay and, if eligible, severance, as well as resume and interview skills training."
Wal-marts closing their doors.
North Carolina: 1
South Carolina: 1
West Virginia: 1
North Carolina: 16
South Carolina: 2
Wal-mart is also closing seven stores in Puerto Rico stores and four Sam's Club locations.
See the full list of Wal-mart store closings