NEW YORK — In something of a rarity for a chain known for its bigger-is-better attitude, Wal-Mart is closing 269 stores, worldwide. More than half of the stores being closed are in the U.S. with another large portion in its Brazilian market.
The vast majority (95 percent) of the stores being closed in the U.S. are within 10 miles of another Wal-Mart. The move, which will begin at the end of the month, will account for less than 1 percent of its global revenue and will leave the giant with more than 11,000 stores nationwide.
Of the 154 closings in the U.S., 102 will be the small-format Wall-Mart Express which sells essentials like toothpaste. The concept never caught on as the stores served the same purpose as Wal-Mart’s larger Neighborhood Markets: fill-in trips and prescription pickups.
The retail giant will also close 23 Neighborhood Markets, 12 supercenters, seven stores in Puerto Rico, six discount stores and four Sam’s Clubs.
The closures will affect 16,000 employees although the company says it will try to place them in other locations.
Wal-Mart has warned that its earnings for the fiscal year will be down as much as 12 percent as it invests further in online operations and pours money into improving customers’ experience.
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