Walmart closing stores: Around 300 stores including Walmart Express to be shut down in January
Doug McMillon, Wal-Mart Stores Inc. CEO had announced a few months ago that the company will close as many as 269 stores worldwide, most of them in the USA. It seems that the company has fast tracked the closure process and is shutting down these stores before the end of the month.
While the company is shutting down some stores, another announcement from the retailing giant said that it is planning to open more than 300 stores. But it will happen next year. Reports suggest that the new stores that Walmart intends to open will include 50 to 60 Supercenters, 85 to 95 Neighborhood Markets and seven to 10 Samâ€™s Clubs.
Latest reports suggest that the out of the 296 locations that the company is shutting down will include 154 U.S. locations and all of the company’s 102 Express format stores.
It must be kept in mind that the Express format stores are actually miniscule compared to massive Wlamart stores and were part of the pilot testing launched in the year 2011. Express stores are usually confined to very small area of about 12,000 square feet, compared to Wal-Mart Supercenters at 182,000 square feet and the roughly 38,000-square-foot Neighborhood Markets, which are designed to rival traditional grocery stores.
There is a definite pattern to these planned closures. It is being reported that around 95 percent of these stores are actually located within an average of 10 miles of another Wal-Mart location. According to the Wal-Mart store locator, there are 43 stores within 50 miles of downtown Nashville.
Doug McMillon in his statement said that the company hate to close stores and the subsequent loss of jobs. â€œThe decision to close stores is difficult, and we care about the associates who will be impactedâ€¦We invested considerable time assessing our stores and clubs and donâ€™t take this lightly. We are supporting those impacted with extra pay and support, and we will take all appropriate steps to ensure they are treated well.â€ It is estimated that the closures will impact about 16,000 employees worldwide, including about 10,000 in the U.S. It’s unclear how many employees will be affected by the closures in Tennessee.
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