Home / Financial News / Wal-Mart Mart Stores Inc pulls plug on smallest store format, shuts 269 stores around the world
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Wal-Mart Mart Stores Inc pulls plug on smallest store format, shuts 269 stores around the world

Wal-Mart Stores Inc. plans to close 269 stores, including 102 of its small-format Express outlets, aiming to refocus on better-performing locations and its e- commerce site.

Wal-Mart Stores Inc said it was pulling the plug on its smallest Express store format and closing 269 stores globally, including 154 in the United States, in a restructuring that will affect 16,000 workers.

Overseas, the streamlining effort includes the closing of 60 money-losing stores in Brazil.

The company says it is aiming to refocus on better-performing locations and its e-commerce site.

Wal-Mart, the world’s largest retailer by sales, said the move would reduce diluted earnings per share by 20 cents US to 22 cents US, with nearly all of that to be booked in the fourth quarter ending this month.

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