NEW YORK (TIP): Walmart, the world’s largest retailer has announced that it is closing 269 stores, including 154 in the United States. The other big chunk is in its challenging Brazilian market.
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. Walmart Stores Inc. said the store closures would affect 16,000 workers, 10,000 of them in the U.S. Its global workforce is 2.2 million, 1.4 million in the U.S. alone.
The store closures will start at the end of January 2016.
The announcement comes three months after Walmart Stores Inc. CEO Doug McMillon told investors that the retail giant would review its fleet of stores with the goal of becoming more nimble in the face of increased competition from all fronts, including from online rival Amazon.com.
“Actively managing our portfolio of assets is essential to maintaining a healthy business,” McMillon said in a statement. “Closing stores is never an easy decision. But it is necessary to keep the company strong and positioned for the future.”