Walmart Stores, Inc., the retail giant with 11,000+ stores worldwide and 4,600+ stores in the United States alone, announced that it will close 269 stores worldwide and 154 American stores by the end of January 2016.
The announced closures, which will affect 16,000 workers worldwide and approximately 10,000 U. S. workers, is reportedly in keeping with the corporation’s broader aims of reducing diluted earnings per share and promoting its Supercenters.
The closures will primarily affect Walmart’s smallest stores, called Walmart Express, products of the corporation’s pilot program launched in 2011. While 102 Walmart Express locations will close, Walmart will also shutter 12 Supercenters, six discount centers, 23 Neighborhood Markets, 4 Sam’s Clubs and 7 Puerto Rican stores. Product will be chiefly shifted to remaining Supercenters and Neighborhood Markets. The stores listed for closure can be accessed here: http://www.businessinsider.com/list-of-walmart-stores-closing-2016-1
The company announced that it will attempt to place laid-off employees at other Walmart locations. If placement is not possible, Walmart will provide those employees with:
– 60 days’ severance pay (if eligible); and
– Training in resume preparation and job interviews.
Company CEO Doug McMillon stated, “We are supporting those impacted with extra pay and support, and we will take all appropriate steps to ensure they are treated well.”
Walmart reportedly deems these closings merely strategic measures and intends to continue expansion in the U. S. and elsewhere. Despite these rapid closures, Walmart still has plans to open new stores in 2016, including: at least 50 Supercenters; at least 85 Neighborhood Markets; and at least 7 Sam’s Club sites.
Note from HandelontheLaw.com: This article is to be used as an educational guide only and should not be interpreted as a legal consultation. Readers of this article are advised to seek an attorney if a legal consultation is needed. Laws may vary by state and are subject to change, thus the accuracy of this information can not be guaranteed. Readers act on this information solely at their own risk. Neither the author, handelonthelaw.com, or any of its affiliates shall have any liability stemming from this article.