Wal-Mart to Close 269 Stores
According to wsj.com, Wal-Mart is closing more than 150 stores in the United States, a rare retreat for the behemoth on its home turf, capping what has been a difficult year for retailers as shoppers slowed their spending pace and accelerated their shift to the Internet.
The article reports that faced with slow-growing sales and the shift to online shopping, Wal-Mart Stores Inc. has been pouring money into e-commerce activities and store employee wages, moves that have depressed profits and its share price.
Wal-Mart said it would close 269 stores around the world, including all 102 Walmart Express stores, a smaller format created in recent years as the company searched for growth beyond its massive Supercenters.
To read the full article, click here.
The article reports that faced with slow-growing sales and the shift to online shopping, Wal-Mart Stores Inc. has been pouring money into e-commerce activities and store employee wages, moves that have depressed profits and its share price.
Wal-Mart said it would close 269 stores around the world, including all 102 Walmart Express stores, a smaller format created in recent years as the company searched for growth beyond its massive Supercenters.
To read the full article, click here.