Walmart set to close 269 stores

Walmart is closing 269 stores, more than half of them in the U.S. and another big chunk 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.The store closures will start at the end of the month. The announcement comes three months after Wal-Mart Stores Inc. CEO Doug McMillon told investors that the world's largest retailer 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.
"No doubt our business has become both large and broad," McMillon told analysts in October. "It is more important now than ever that we evaluate our portfolio."
Walmart operates 4,500 stores in the U.S. Its global workforce is 2.2 million, 1.4 million in the U.S. alone. Walmart has warned that its earnings for the fiscal year starting next month will be down as much as 12 percent as it invests further in online operations and pours money into improving customers' experience.
The retailer is closing 60 loss-making locations in Brazil, which account for 5 percent of sales in that market. Walmart, which operated 558 stores in Brazil before the closures, has struggled as the economy there has soured. Its "Every Day Low price" strategy has also not been able to break against heavy promotions from key rivals. The remaining 55 stores are spread elsewhere in Latin America. Walmart said that it's still sticking to its plan announced last year to open 50 to 60 supercenters, 85 to 95 Neighborhood Markets and 7 to 10 Sam's Clubs in the U.S. during the fiscal year that begins Feb. 1. Outside the U.S., Walmart plans to open between 200 to 240 stores.