As a solid mainstream store and one of the largest businesses in the world, this is a very bad sign.
Walmart said it will close 269 stores in 2016, as the mega-retailer tries to revitalize its slumping finances.
The company said the stores it plans to close are generally poor performers, and most are within 10 miles of another Walmart. 154 of the locations are in the United States, two-thirds of which are the smaller “Walmart Express” stores. Only 12 U.S. Walmart Supercenters will close, along with four Sam’s Club stores.
Of the 16,000 associates — or employees — to be affected, 10,000 will be in the United States. The company aims to place those associates in nearby Walmarts.
That plan to pay employees more…to all the PR ballyhoo a couple years back, ends up meaning less jobs for the employees.
Walmart managment has been clueless last 5 years.