Walmart set to close 269 stores as economic collapse begins

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Walmart closed

Hang the Bankers

Wal-Mart is doing some rare pruning.

The worldā€™s largest retailer is closing 269 stores, including 154 in the U.S. that includes all of its locations under its smallest-format concept store called Wal-Mart Express. The other big chunk is in its challenging Brazilian market.

The stores being shuttered account for a fraction of the companyā€™s 11,000 stores worldwide and less than 1 percent of its global revenue. Wal-Mart Stores Inc. said the store closures will affect 16,000 workers, 10,000 of them in the U.S. Its global workforce is 2.2 million, 1.4 million in the U.S. alone.

The store closures will start at the end of the month.

The announcement comes three months after Wal-Mart Stores Inc. CEO Doug McMillon told investors that the worldā€™s largest retailer would review its fleet of stores with the goal of becoming more nimble in the face of increased competition from all fronts, including from online rival Amazon.com.

ā€œActively managing our portfolio of assets is essential to maintaining a healthy business,ā€ McMillon said in a statement. ā€œClosing stores is never an easy decision. But it is necessary to keep the company strong and positioned for the future.ā€


Walmart-store

Michael Exstein, an analyst at Credit Suisse, described the moves as ā€œbaby stepsā€ in his report published Friday, but he believes they are positive ones. He noted that this is the first mass closing that Wal-Mart has announced in at least two decades.

ā€œIt is a sign that Wal-Mart has begun the process of dealing with unproductive locations in a much more tangible and coherent way,ā€ he wrote. ā€œBut we continue to believe that Wal-Mart needs a much larger restructuring of its store base in order to narrow its focus as it seeks to improve its sales and returns, especially internationally.ā€

Wal-Mart has seen sales perk up for a key revenue measure for the last few quarters in its U.S. business. But it warned last October that its earnings for the fiscal year starting next month will be down as much as 12 percent as it invests further in online operations and pours money into improving customersā€™ experience in the stores. The company has been building bigger fulfillment centers devoted to e-commerce orders and expanding online services.

Of the 154 store closures in the U.S., 102 of them are under the Wal-Mart Express name, which were opened as a test in 2011. The company operates more than 5,000 stores overall in the U.S.

Wal-Mart Express marked the retailerā€™s first entry into the convenience store arena. The stores, which sold essentials like toothpaste, were meant to be a solution to the threat of the fast-growing dollar stores. Wal-Mart Express intended to be a two-pronged strategy: stores in small towns that arenā€™t big enough to support a full-size Wal-Mart and stores in big cities where building a supercenter was impractical. But the concept never caught on as the stores served the same purpose as Wal-Martā€™s larger Neighborhood Markets: fill-in trips and prescription pickups.

Also covered in the closures are 23 Neighborhood Markets, 12 supercenters, seven stores in Puerto Rico, six discount stores and four Samā€™s Clubs.

More than 95 percent of the stores set to be closed in the U.S. are within 10 miles of another Wal-Mart. The Bentonville, Arkansas, company said it is working to ensure that workers are placed in nearby locations.

Wal-Mart will now focus in the U.S. on supercenters, Neighborhood Markets, the e-commerce business and pickup services for shoppers.

The retailer said it also closed 60 loss-making locations in Brazil, which accounts for 5 percent of sales in that market. Wal-Mart, which operated 558 stores in Brazil before the closures, has struggled as the economy there has soured. Its Every Day Low price strategy has also not been able to break against heavy promotions from key rivals.

The remaining 55 stores are spread elsewhere in Latin America.

Wal-Mart said that itā€™s still sticking to its plan announced last year to open 50 to 60 supercenters, 85 to 95 Neighborhood Markets and 7 to 10 Samā€™s Clubs in the U.S. during the fiscal year that begins Feb. 1. Outside the U.S., Wal-Mart plans to open 200 to 240 stores.

The financial impact of the closures is expected to be 20 cents to 22 cents per share from continuing operations, with about 19 cents to 20 cents expected to affect the current fourth quarter. The company is scheduled to release fourth-quarter and full-year results on Feb. 18.

In a separate move, Wal-Mart said that itā€™s merging its Arkansas-based team that creates technology for its stores with its Silicon Valley team that does the same for e-commerce. The move is expected to help Wal-Mart create a more seamless shopping experience for customers who are jumping back and forth between stores and their mobile phones.

Shares of Wal-Mart Stores Inc. fell $1.13, or 1.8 percent, to close at $61.93 amid a broad market sell-off.

FULL LIST OF 154 WALMART STORE LOCATIONS CLOSING ACROSS THE U.S.

Walmart Express ā€“ Date closed to public

#2173: 14331 Count Rd. 99, Headland, ALĀ 1/28/2016

#2011: 18 Apple Way, Ashford, ALĀ 1/28/2016

#2165: 952 E. Lawrence Harris Hwy, Slocomb, ALĀ 1/28/2016

#2186: 407 West Washington St., Abbeville, ALĀ 1/28/2016

#2235: 6361 Hwy 72 East Gurley, ALĀ 1/28/2016

#2260: 87395 US Hwy 278, Snead, ALĀ 1/28/2016

#3769: 3530 Cathedral Caverns Hwy, Grant, ALĀ 1/28/2016

#3779: 10188 Hwy 431 South, New Hope, ALĀ 1/28/2016

#2498: 720 N Hwy 71, Mansfield, ARĀ 1/28/2016

#2578: 3500 Mulberry Hwy 64 W, Mulberry, ARĀ 1/28/2016

#2601: 814 W. Main, Charleston, ARĀ 1/28/2016

#2669: 1531 E Hwy 64, Coal Hill, ARĀ 1/28/2016

#3819: 8848 N Hwy 59, Van Buren, ARĀ 1/28/2016

#3878: 5 Hwy 124 West, Damascus, ARĀ 1/28/2016

#4217: 154 E Roller, Decatur, ARĀ 1/28/2016

#3032: 905 S Gentry Blvd, Gentry, ARĀ 1/28/2016

#3033: 800 1st Ave SE, Gravette, ARĀ 1/28/2016

#3034: 881 W Buchanan, Prairie Grove, ARĀ 1/28/2016

#3358: 1113 S.R. 20, Interlachen, FLĀ 1/28/2016

#4265: 1209 East Wade St., Trenton, FLĀ 1/28/2016

#4267: 15726 SE Hwy 19 Cross City, FLĀ 1/28/2016

#4228: 560 S. Broad St., Ellaville, GAĀ 1/28/2016

#4229: 1041 S US Hwy 1, Alma, GAĀ 1/28/2016

#4234: 155 West Washington Ave., Ashburn, GAĀ 1/28/2016

#4251: 398 Barrow Ave SW, Pelham, GAĀ 1/28/2016

#4254: 907 Marianna Hwy, Donalsonville, GAĀ 1/28/2016

#4261: 290 Albany Ave. West, Pearson, GAĀ 1/28/2016

#4263: 142 S. Valdosta Road, Lakeland, GAĀ 1/28/2016

#3065: 3636 N Broadway St., Chicago, ILĀ 1/17/2016

#3039: 225 W Chicago Ave., Chicago, ILĀ 1/17/2016

#3369: 900 East Ross Ave., Clearwater, KSĀ 1/28/2016

#4353: 505 Housatonic St., Burlington, KSĀ 1/28/2016

#4360: 705 N High School Ave., Columbus, KSĀ 1/28/2016

#4361: 1105 East 15th St., Ellsworth, KSĀ 1/28/2016

#4362: 120 West Rosewood St., Rose Hill, KSĀ 1/28/2016

#4651: 605 Orchard Drive, Hillsboro, KSĀ 1/28/2016

#3755: 1445 Old Highway 13, Mamou, LAĀ 1/28/2016

#4634: 1506 Main St., Colfax, LAĀ 1/28/2016

#3753: 620 North Hwy 26, Lake Arthur, LAĀ 1/28/2016

#3815: 501 West Hwy 90, Iowa, LAĀ 1/28/2016

#3839: 9181 Hwy 67, Clinton, LAĀ 1/28/2016

#3849: 920 Avenue G, Kentwood, LAĀ 1/28/2016

#3879: 1495 Obrie St., Zwolle, LAĀ 1/28/2016

#4647: 515 3rd St., Independence, LAĀ 1/28/2016

#4269: 224 E Hwy 76, Anderson, MOĀ 1/28/2016

#4270: 508 N Cliffside Dr., Noel, MOĀ 1/28/2016

#4282: 33597 State Hwy 112, Seligman, MOĀ 1/28/2016

#4289: 414 N Elm, Clever, MOĀ 1/28/2016

#3856: 410 2nd St., Belmont, MSĀ 1/28/2016

#3863: 2795 Hwy 371 N, Mantachie, MSĀ 1/28/2016

#3865: 420 E Lee St., Sardis, MSĀ 1/28/2016

#3866: 28191 Hwy 15, Walnut, MSĀ 1/28/2016

#4294: 519 W Veterans Ave., Derma, MSĀ 1/28/2016

#4296: 7104 Will Robbins Hwy, Nettleton, MSĀ 1/28/2016

#3211: 509 Dr. Donnie H. Jones Blvd W, Princeton, NCĀ 1/28/2016

#3249: 511 N Mckinley St., Coats, NCĀ 1/28/2016

#5024: 6043 US Hwy 301 S, Four Oaks, NCĀ 1/28/2016

#3257: 112 N Main St., Broadway, NCĀ 1/28/2016

#5015: 908 E. 4th Ave., Red Springs, NCĀ 1/28/2016

#5017: 7670 Clinton Rd., Stedman, NCĀ 1/28/2016

#7207: 1400 B Broad St., Oriental, NCĀ 1/28/2016

#5138: 702 S. Wall St., Benson, NCĀ 1/28/2016

#2500: 945 Monroe St., Carthage, NCĀ 1/28/2016

#2573: 303 S. Goldsboro St., Pikeville, NCĀ 1/28/2016

#6997: 632 W Swannanoa Ave., Liberty, NCĀ 1/28/2016

#3007: 139 N Hwy 49, Richfield, NCĀ 1/17/2016

#3036: 1593 NC Hwy 86 N, Yanceyville, NCĀ 1/28/2016

#3037: 905 SE 2nd St., Snow Hill, NCĀ 1/28/2016

#3080: 182 NC 102 W, Ayden, NCĀ 1/28/2016

#3121: 189 Hickory Tree Rd., Midway, NCĀ 1/28/2016

#3756: 124 E. Columbia St., Okemah, OKĀ 1/28/2016

#4633: 19250 E Hwy 66, Luther, OKĀ 1/28/2016

#2456: 2310 West Main, Prague, OKĀ 1/28/2016

#2462: 1600 West Hwy 66, Stroud, OKĀ 1/28/2016

#3766: 2324 Seran Drive, Wewoka, OKĀ 1/28/2016

#3767: 812 N Clarence Nash Blvd., Watonga, OKĀ 1/28/2016

#1250: 9032 Hwy 14, Gray Court, SCĀ 1/28/2016

#3798: 7013 S Pine St., Pacolet, SCĀ 1/17/2016

#2375: 4718 Nashville Hwy, Chapel Hill, TNĀ 1/28/2016

#2413: 523 N Military St., Loretto, TNĀ 1/28/2016

#4301: 400 North Main St., Cornersville, TNĀ 1/28/2016

#4306: 934 Hwy 79, Dover, TNĀ 1/28/2016

#2345: 721 Dale Evans Drive, Italy, TXĀ 1/28/2016

#2349: 221 S State Hwy 274, Kemp, TXĀ 1/28/2016

#2363: 504 W Pine St., Edgewood, TXĀ 1/28/2016

#2364: 301 Hwy 69 S, Whitewright, TXĀ 1/28/2016

#2410: 122 Commercial Ave., Anson, TXĀ 1/28/2016

#2461: 1003 Telephone Cir., Merkel, TXĀ 1/28/2016

#2779: 5 N 14th St., Haskell, TXĀ 1/28/2016

#2863: 1010 N Main St., Winters, TXĀ 1/28/2016

#3820: 501 N Main, Godley, TXĀ 1/28/2016

#3822: 416 N Third St., Grandview, TXĀ 1/28/2016

#3832: 420 S US 69, Leonard, TXĀ 1/28/2016

#3834: 428 N Dallas St., Palmer, TXĀ 1/28/2016

#4312: 440 E Pine St., Frankston, TXĀ 1/28/2016

#4316: 1787 US Hwy 259 S, Diana, TXĀ 1/28/2016

#4320: 1005 Texas Avenue E, Waskom, TXĀ 1/28/2016

#4327: 870 Taylor St., Hughes Springs, TXĀ 1/28/2016

#4331: 914 North Main St., Lone Star, TXĀ 1/28/2016

#4338: 504 WL Doc Dodson, Naples, TXĀ 1/28/2016

#4343: 12522 Fm 1840, Dekalb, TXĀ 1/28/2016

#4345: 114 Redwater Boulevard West, Maud, TXĀ 1/28/2016

Walmart

#2524: 5502 Monterey Hwy, San Jose, CAĀ 1/28/2016

#2949: 151 E 5th St., Long Beach, CAĀ 1/28/2016

#5457: 8400 Edgewater Drive, Oakland, CAĀ 1/17/2016

#2960: 4101 Crenshaw Blcd., Los Angeles, CAĀ 1/17/2016

#3507: 2701 Port Covington Drive, Baltimore, MDĀ 1/17/2016

#3496: 5825 W Hope Ave., Milwaukee, WIĀ 1/28/2016

Supercenter

#3814 6525 Glacier Hwy, Juneau, AKĀ 2/5/2016

#763: 7201 Aaron Aronov Drive, Fairfield, ALĀ 1/28/2016

#4584: 10400 Highland Rd., Hartland, MIĀ 1/28/2016

#4369: 1010 Martin Luther King Pkwy., Durham, NCĀ 1/28/2016

#2837: 4350 N Nellis Blvd., Las Vegas, NVĀ 1/17/2016

#4342: 22209 Rockside Rd., Bedford, OHĀ 1/28/2016

#2606: 721 US Hwy 321 BYP S Unit, Winnsboro, SCĀ 1/28/2016

#883: 14091 FM 490, Raymondville, TXĀ 1/28/2016

#5493: 7480 Padre Island Hwy, Brownsville, TXĀ 1/28/2016

#5478: 8201 N FM 620, Austin, TXĀ 1/28/2016

#597: 7075 FM 1960 Rd W, Houston, TXĀ 1/28/2016

#3811: 61 Plaza Drive, Kimball, WVĀ 1/28/2016

Neighborhood Market

#5783: 117 Audubon Drive, Maumelle, ARĀ 1/17/2016

#5642: 2408 Lincoln Ave., Altadena, CAĀ 1/28/2016

#5688: 6820 Eastern Ave., Bell Gardens, CAĀ 1/28/2016

#3086: 701 W Cesar E Chavez Ave., Los Angeles, CAĀ 1/17/2016

#5690: 2045 E Highland Ave., San Bernardino, CAĀ 1/28/2016

#4173 12120 Carson St., Hawaiian Gardens, CAĀ 1/28/2016

#5002, 8196 West Bowles Ave., Littleton, COĀ 1/17/2016

#3021: 2253 S Monaco Pkwy., Denver, COĀ 1/28/2016

#2303: 333 N Main St., West Hartford, CTĀ 1/28/2016

#5856: 601 N West St. STE 100, Wichita, KSĀ 1/28/2016

#5860: 9831 E Harry St., Wichita, KSĀ 1/28/2016

#5873: 4794 E 13th, Wichita, KSĀ 1/28/2016

#3097: 8235 SW Apple Way, Portland, ORĀ 1/17/2016

#5995: 17711 Jean Way, Lake Oswego, ORĀ 1/28/2016

#3306 1220 Gallatin Ave., Nashville, TNĀ 1/28/2016

#3171: 2218 Greenville Ave., Dallas (Greenville), TXĀ 1/28/2016

#3451: 2740 Gessner Rd., Houston, TXĀ 1/28/2016

#5985: 2201 West Southlake Blvd., Southlake, TXĀ 1/28/2016

#4126: 1901 S. Texas Ave., Bryan, TXĀ 1/28/2016

#5986: 4268 Legacy Drive, Frisco, TXĀ 1/17/2016

#3030: 3850 N 124th St., Wauwatosa, WIĀ 1/28/2016

#3031: N88W15559 Main St., Menomonee Falls, WIĀ 1/28/2016

#5698: S14W22605 Coral Drive, Waukesha, WIĀ 1/28/2016

Amigo

#2343: 7B Calle Munoz Rivera, Villalba, PRĀ 1/28/2016

#2347: Bo Salto Arriba, Utuado, PRĀ 1/28/2016

#2342: PR 14, Parque Industrial, Coamo, PRĀ 1/28/2016

#3667: 1 Ave Monserrate STE 1, Carolina, PRĀ 1/28/2016

#3684: Carr 180 KM 0 HM 2, Salinas, PRĀ 1/28/2016

#3689: Centro Com Rio Grande State, Rio Grande, PRĀ 1/28/2016

#3697: Carr 165 KM 4.7, Toa Alta, PRĀ 1/28/2016

Samā€™s Club

#4903: 941 Grinnell St., Fall River, MAĀ 1/28/2016

#6648: 1110 Fall River Ave., Seekonk, MAĀ 1/28/2016

#6665: 495 Summit Drive, Waterford, MIĀ 1/28/2016

#6681: 25 Pace Blvd., Warwick, RIĀ 1/28/2016

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