Wal-Mart Closing 269 Stores, Including 29 In Texas
Wal-Mart is closing 269 stores, more than half of them in the U.S. and another big chunk in its challenging Brazilian market.
Wal-Mart’s announcement today puts the padlock on 29 stores in Texas, including the Lower Greenville store in Dallas. Plans for that store sparked months of heated arguments between developers and neighbors prior to its opening in 2012.
Other North Texas Wal-Marts closing include stores on West Southlake Boulevard in Southlake and Legacy Drive in Frisco.
Twenty of them are smaller Wal-Mart Express stores in more rural towns, including Italy, Kemp, Palmer and Whitewright.
Wal-Mart says it intends to concentrate on its Supercenters.
The stores being shuttered account for a fraction of the company's 11,000 stores worldwide and less than 1 percent of its global revenue.
The closures will affect 16,000 workers, 10,000 of them in the U.S.
The announcement comes three months after its CEO Doug McMillon told investors the world's largest retailer would review its store fleet in amid increasing competition from all fronts, including from online rival Amazon.com.
In the U.S., 154 locations will be closed, most of them small format stores called Wal-Mart Express, which were launched as a test program in 2011. The remaining 115 locations to close are spread over Latin America, mostly in Brazil.
Here’s a list of store closures.
Here’s a press release from Wal-Mart.