To keep growing, a company may face some tough choices to make. This is exactly how Doug McMillion, President and CEO at Wal-Mart Stores, Inc., explained the situation in a press release: "Actively managing our portfolio of assets is essential to maintaining a healthy business. Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future. It’s important to remember that we’ll open well more than 300 stores around the world next year. So we are committed to growing, but we are being disciplined about it."
The decision follows an analysis of the company's 11,600 locations across the world, which was conducted last year. Numerous factors, such as 'financial performance and strategic alignment with long-term plans' were taken into consideration. As a consequence, 269 locations will close, including 154 in the US, most of them being smallest format stores, Walmart Express.
"The decision to close stores is difficult and we care about the associates who will be impacted. We invested considerable time assessing our stores and clubs and don’t take this lightly. We are supporting those impacted with extra pay and support, and we will take all appropriate steps to ensure they are treated well" adds Doug McMillon. In the meantime, Walmart has goals for the future and plans to strengthen Supercenters and Neighborhood Markets, develop the online business and customers services.
Photo: Walmart
News in the same category
The cosmetics subscription box service Birchbox is now offering its own line of beauty products, under the name LOC, along with the other brand's articles.
New York Magazine is opening up a Holiday pop-up shop to sell beauty products to the residents of New York during the Christmas period.
With a recent announcement that surprised clients and financial analysts alike, the well known fashion and accessories retailer Old Navy is making the news, and drawing massive attention both in the USA and across the world.
Imagine a magical place where you can have donuts and ice cream all in the same place. Well, if you’re anywhere near Pace, Florida, you’re in luck. That’s because Dunkin Donuts and Baskin Robbins are joining forces for your pleasure.
