Wal-Mart Stores Inc. is closing hundreds of stores across the globe, including 154 in the U.S., a rare retreat for the retail behemoth on its home turf.
By the end of January Wal-Mart said it would close 269 stores, including all 102 Walmart Express stores, a smaller format created in recent years as the company searched for growth beyond its massive superstores. Wal-Mart said the closings would eliminate 16,000 jobs, including 10,000 in the U.S.
Faced with slow growing sales and a shift to online shopping, the company has been investing in e-commerce activities and store wages to spur sales growth, weighing on profits. The restructuring could result in a more than $600 million hit to earnings, most of which would occur in the current quarter. Those results are expected Feb. 18.
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