Walmart Closings in SWLA
The news that Walmart plans to close 154 stores in the U.S. has really been getting a lot of buzz since the closings were announced earlier this week. According to the report, the mega shopping giant will close 269 stores globally. That move promises to displace about 16,000 workers world-wide.
Here in our neck of the woods, Walmart has only announced two closings so far. The stores to be closed are locations in Lake Arthur on La. 26 and in Iowa on Highway 90. The Walmart location in Iowa has only been open for about a year. All the closures around the country are mainly Walmart Express stores, but the retail giant will also be closing some of their Superstores and Neighborhood Markets.
A lot of people have wondered about the status of the new Walmart Neighborhood Market going up right now at 12th and Ryan. The answer to that one is that the company has announced that location will open for business this coming Wednesday.
According to MSN/Money:
Wal-Mart's earnings have been under pressure due to last year's decision to raise entry-level wages as well as higher investments aimed at closing the gap online with Amazon.com Inc . At the same time, Wal-Mart is struggling overseas, where a strong U.S. dollar reduces the value of local sales.
The closings come three months after Chief Executive Officer Doug McMillon disclosed plans to review global operations and shut underperforming stores. Friday's announcement marks the first step in that restructuring effort.