USA: Wal-Mart stores to close more than 250 stores globally
Wal-Mart, the world’s leading grocery retail chain, has announced that it is to end its smaller format operations and will look to close 269 stores globally, including 154 in the USA.
According to Business News Network, the confirmation of store closures comes three months after Chief Executive Officer Doug McMillon revealed proposals to review Wal-Mart’s global operations and to close stores that were deemed to be underperforming.
Mr McMillon commented on the move by saying: “Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future”.
According to Business News Network, Wal-Mart plans to close 102 of its Express format stores, which are said to be less than one-tenth the size of the average Supercentre. The remaining outlets earmarked for closure in the US are said to be a mixture of Supercentres, discount stores, and locations operating under the Neighbourhood Market and Sam's Club banners
Source: Business News Network