Walmart To Shut 269 Stores In Chain's First Mass Closing; 16,000 Workers Affected

[justntime2learn]

It says the "First Mass Closing ... Could there be a second ?

Walmart To Shut 269 Stores In Chain's First Mass Closing; 16,000 Workers Affected

"Walmart announced its first ever mass store closing on Friday, with 269 stores worldwide set to close their doors.

Of these closures, 154 are in the U.S., including all of the company’s 102 smallest Walmart Express stores.

The Bentonville, Ark. big-box giant will abandon its Walmart Express format, focusing on existing Supercenters, its growing Neighborhood Market grocery chain and its e-commerce business, according to a statement.

Walmart said 16,000 employees will be affected by this decision, 10,000 of whom are in the U.S.

“More than 95 percent of the closed stores in the U.S. are within 10 miles on average of another Walmart, and the hope is that these associates will be placed in nearby locations,” said Walmart in its Friday news release.

“Where that isn’t possible, the company will provide 60 days of pay and, if eligible, severance, as well as resume and interview skills training. Whether with Walmart or elsewhere, the company’s objective is to help all associates find their next job opportunity.”

The company — the world’s largest retailer, and largest private employer — said that these store closures represent less than 1% of Walmart’s square footage and revenue.

The bulk of the company’s international closures have already happened: Walmart shuttered 60 loss-making stores in Brazil. The retailer plans to close 55 small stores in other Latin American markets."

http://www.forbes.com/sites/clareoconnor/2016/01/15/walmart-to-shut-269-stores-in-chains-first-mass-closing-16000-workers-affected/?utm_campaign=Forbes&utm_source=TWITTER&utm_medium=social&utm_channel=Business&linkId=20389795#31e0d77d2b2b38c710722b2b

[ghostrider]

Yes, just saw this on FB , we here in Oklahoma are losing five stores , mostly in smaller towns , means folks will have to drive to the next city as Wal-Mart has run mom n pops stores out of business long ago ... feel bad for those losing their jobs , in remote cities there aren't any options for employment ... what a way to start the new year. ..

[justntime2learn]

I guess the first round was months ago due to "plumbing issues" and perhaps this is round two ?

And then there's the stock market "after historic 1,000-point plunge, Dow dives 588 points at close"
http://money.cnn.com/2015/08/24/investing/stocks-markets-selloff-china-crash-dow/



Submitted by Michael Snyder via The Economic Collapse blog,

If the U.S. economy really is improving, then why are big U.S. retailers permanently shutting down thousands of stores? The “retail apocalypse” that I have written about so frequently appears to be accelerating. As you will see below, major U.S. retailers have announced that they are closing more than 6,000 locations, but economic conditions in this country are still fairly stable. So if this is happening already, what are things going to look like once the next recession strikes? For a long time, I have been pointing to 2015 as a major “turning point” for the U.S. economy, and I still feel that way. And since I started The Economic Collapse Blog at the end of 2009, I have never seen as many indications that we are headed into another major economic downturn as I do right now. If retailers are closing this many stores already, what are our malls and shopping centers going to look like a few years from now?

The list below comes from information compiled by About.com, but I have only included major retailers that have announced plans to close at least 10 stores. Most of these closures will take place this year, but in some instances the closures are scheduled to be phased in over a number of years. As you can see, the number of stores that are being permanently shut down is absolutely staggering…

180 Abercrombie & Fitch (by 2015)

75 Aeropostale (through January 2015)

150 American Eagle Outfitters (through 2017)

223 Barnes & Noble (through 2023)

265 Body Central / Body Shop

66 Bottom Dollar Food

25 Build-A-Bear (through 2015)

32 C. Wonder

21 Cache

120 Chico’s (through 2017)

200 Children’s Place (through 2017)

17 Christopher & Banks

70 Coach (fiscal 2015)

70 Coco’s /Carrows

300 Deb Shops

92 Delia’s

340 Dollar Tree/Family Dollar

39 Einstein Bros. Bagels

50 Express (through 2015)

31 Frederick’s of Hollywood

50 Fresh & Easy Grocey Stores

14 Friendly’s

65 Future Shop (Best Buy Canada)

54 Golf Galaxy (by 2016)

50 Guess (through 2015)

26 Gymboree

40 JCPenney

127 Jones New York Outlet

10 Just Baked

28 Kate Spade Saturday & Jack Spade

14 Macy’s

400 Office Depot/Office Max (by 2016)

63 Pep Boys (“in the coming years”)

100 Pier One (by 2017)

20 Pick ’n Save (by 2017)

1,784 Radio Shack

13 Ruby Tuesday

77 Sears

10 SpartanNash Grocery Stores

55 Staples (2015)

133 Target, Canada (bankruptcy)

31 Tiger Direct

200 Walgreens (by 2017)

10 West Marine

338 Wet Seal

80 Wolverine World Wide (2015 – Stride Rite & Keds)

So why is this happening?

Without a doubt, Internet retailing is taking a huge toll on brick and mortar stores, and this is a trend that is not going to end any time soon.

But as Thad Beversdorf has pointed out, we have also seen a stunning decline in true discretionary consumer spending over the past six months…

http://www.zerohedge.com/news/2015-05-02/major-us-retailers-are-closing-more-6000-stores

[seah]

I'm not sure that Walmart is losing customers to online shopping. It may be that Walmart simply opened way too many stores to begin with and shutting some down will only mean that shopping a Walmart will go from bad to worse from here on; more people, longer lines and messiness, adds up to a big yuck.

[risveglio]

They said in another article that they plan to open up 300 new stores this year. I have no problem with Walmart. They have done more for the poor than the government ever could.

[Ahnung-quay]

Walmart, alot of low wage, part-time jobs with no benefits. Most of their employees with families are forced on to Food Share and state subsidized insurance. I never shop there if I can go somewhere else.

[robinr1]

this is 100 percent correct. they wont pay their employees anywhere close to a living wage, so the taxpayers get to subsidize a large portion of them through welfare policies. Walmart is evil to the core.




Walmart, alot of low wage, part-time jobs with no benefits. Most of their employees with families are forced on to Food Share and state subsidized insurance. I never shop there if I can go somewhere else.

¤=[Post Update]=¤

I must ask... besides giving them a job that allows the taxpayer to support them, please do tell what exactly Walmart has done to help the poor. thanks in advance.




They said in another article that they plan to open up 300 new stores this year. I have no problem with Walmart. They have done more for the poor than the government ever could.

[risveglio]

this is 100 percent correct. they wont pay their employees anywhere close to a living wage, so the taxpayers get to subsidize a large portion of them through welfare policies. Walmart is evil to the core.




Walmart, alot of low wage, part-time jobs with no benefits. Most of their employees with families are forced on to Food Share and state subsidized insurance. I never shop there if I can go somewhere else.

¤=[Post Update]=¤

I must ask... besides giving them a job that allows the taxpayer to support them, please do tell what exactly Walmart has done to help the poor. thanks in advance.




They said in another article that they plan to open up 300 new stores this year. I have no problem with Walmart. They have done more for the poor than the government ever could.

I'm sorry. I didn't realize Walmart forced their employees work for them.

[risveglio]

As for how Walmart Helps the poor. From Peter Suderman.

1. Walmart’s customer base is heavily concentrated in the bottom income quintile, which spends heavily on food.
2. The bottom income quintile spends about 25 percent of income on food compared to just 3.5 percent for the top quintile.
3. So the benefits of Walmart’s substantially lower prices to the lowest earning cohort are huge, especially on food.
4. Obama adviser Jason Furman has estimated the welfare boost of Walmart’s low food prices alone is about $50b a year.
5. Walmart’s wages are about average for retail. Not amazing. But not the worst either.
6. Paying Walmart’s workers more would mean the money has to come from somewhere. But where?
7. Erase the Walmart CEO's entire salary, and you can raise average hourly wages by just a penny or so.
8. Erase the entire Walton family fortune and you get an average $1/hour boost to Walmart workers.
9. Raise prices to pay for increased wages and you cut into the store’s huge low-price benefits for the poor. It’s regressive.

There is a lot more if you want to look it up. I guess progressives think progress is when everyone is dirt poor and dependent on the government except the ruling class.

[Orph]

There are 16 Walmarts that are less than 20 miles from where I live. And they are spread across all income level neighborhoods, not just the poor ones. There is no doubt that they have driven other store out of business. So people lose jobs that pay more, and have to take jobs at Walmart that pay less. Maybe not the hourly wage so much, but when you factor in the benefits, it pays less. And of course the workers only work part time, so that's less income coming in.

So, ..... let's see. They help perpetuate the low income class by hiring part-time workers with little to no benefits, who in turn have to rely on government subsidies to get by. But hey, it's so great to have a Walmart in town because it gives the low income people a place to shop.

Obviously Walmart alone isn't totally responsible for the great divide between the haves and the have nots, but don't blow smoke up my *** and try and tell me that Walmarts are this big kind hearted business that's really looking out for the poorer folks.

[risveglio]

There are 16 Walmarts that are less than 20 miles from where I live. And they are spread across all income level neighborhoods, not just the poor ones. There is no doubt that they have driven other store out of business. So people lose jobs that pay more, and have to take jobs at Walmart that pay less. Maybe not the hourly wage so much, but when you factor in the benefits, it pays less. And of course the workers only work part time, so that's less income coming in.

So, ..... let's see. They help perpetuate the low income class by hiring part-time workers with little to no benefits, who in turn have to rely on government subsidies to get by. But hey, it's so great to have a Walmart in town because it gives the low income people a place to shop.

Obviously Walmart alone isn't totally responsible for the great divide between the haves and the have nots, but don't blow smoke up my *** and try and tell me that Walmarts are this big kind hearted business that's really looking out for the poorer folks.

I think you may read too much Slate. The percentage of Walmart employees on food stamps is equivalent to the rest of the retail industry and that was before the raises last year. Now I am not going to tell you they are a kind hearted business but they are not the devil either. If you want to find who is really responsible for the wage gap, which is sadly extremely exaggerated anyway, look to the FED and the US government.

My wife's uncle works for Walmart and I have met 12 other of his friends/co-workers. My wife's uncle is borderline "special" but makes $12 / hour and does get benefits. Of his 12 friends, only one is on food stamps. She has 6 kids and turned down a promotion to management because "I don't want to lose my food stamps." Walmart doesn't deserve anymore love or hate than most retailers. Now there are some really good ones out there (Costco for one), but they are the exception.

[Orph]

Now I am not going to tell you they are a kind hearted business but they are not the devil either.
^^^^ this ^^^^

Like I said, Walmart isn't totally responsible. if Walmart disappeared, we would still have the same problems. But owners, CEO's, shareholders, etc. who view their businesses, (not just Walmart), from nothing but a bottom line perspective is a problem. The Ebeneezer Scrooge mentality is very much alive and well in so many aspects of society.

[robinr1]

I don't believe I said they were forced to work there. the only thing forced is the taxation and welfare policies that support their employees.








this is 100 percent correct. they wont pay their employees anywhere close to a living wage, so the taxpayers get to subsidize a large portion of them through welfare policies. Walmart is evil to the core.




Walmart, alot of low wage, part-time jobs with no benefits. Most of their employees with families are forced on to Food Share and state subsidized insurance. I never shop there if I can go somewhere else.

¤=[Post Update]=¤

I must ask... besides giving them a job that allows the taxpayer to support them, please do tell what exactly Walmart has done to help the poor. thanks in advance.




They said in another article that they plan to open up 300 new stores this year. I have no problem with Walmart. They have done more for the poor than the government ever could.

I'm sorry. I didn't realize Walmart forced their employees work for them.

[robinr1]

I don't believe one bit of the math that is stated in your post. post 6 is a complete joke. the money would come from the billions in profits they made.

youre opinion piece at the end makes zero sense in the context of this post either imo.i used to shop at Walmart. there food prices are somewhat cheaper on certain items.





As for how Walmart Helps the poor. From Peter Suderman.

1. Walmart’s customer base is heavily concentrated in the bottom income quintile, which spends heavily on food.
2. The bottom income quintile spends about 25 percent of income on food compared to just 3.5 percent for the top quintile.
3. So the benefits of Walmart’s substantially lower prices to the lowest earning cohort are huge, especially on food.
4. Obama adviser Jason Furman has estimated the welfare boost of Walmart’s low food prices alone is about $50b a year.
5. Walmart’s wages are about average for retail. Not amazing. But not the worst either.
6. Paying Walmart’s workers more would mean the money has to come from somewhere. But where?
7. Erase the Walmart CEO's entire salary, and you can raise average hourly wages by just a penny or so.
8. Erase the entire Walton family fortune and you get an average $1/hour boost to Walmart workers.
9. Raise prices to pay for increased wages and you cut into the store’s huge low-price benefits for the poor. It’s regressive.

There is a lot more if you want to look it up. I guess progressives think progress is when everyone is dirt poor and dependent on the government except the ruling class.

[Ahnung-quay]

Food prices here are cheapest at Aldi, followed by Walmart, followed by a regional chain grocery store. Before Walmart built their Super center here in my small town, we had four local groceries plus a variety of clothing and other downtown retailers. Only a few are left.

[risveglio]

I don't believe one bit of the math that is stated in your post. post 6 is a complete joke. the money would come from the billions in profits they made.

youre opinion piece at the end makes zero sense in the context of this post either imo.i used to shop at Walmart. there food prices are somewhat cheaper on certain items.


I wouldn't expect you to get the math, but it's ok, if you say so.

Also, Walmart already raised the minimum salary to $10, which may be why Aldi is cheaper in places, I wouldn't know. The Aldi here smells and I don't buy food at either place.

[risveglio]

I don't believe I said they were forced to work there. the only thing forced is the taxation and welfare policies that support their employees.

The percentage of Walmart employees on food stamps is equivalent to the rest of the retail industry and that was before the raises last year.

[Lloyd]

What we need is "Modern Money Theory's" "Job Guarantee", which would guarantee minimum wage jobs for anyone who wants one, which would boost the economy by getting money flowing to many businesses, so they can hire at higher wages.

I don't buy much at Walmart. Their coconut oil is a good buy, just $7 per quart. The brand is Lou Ana. That's one of the most nutritious oils or fats. It's probably the best oil to cook with. I read that olive oil turns rancid or something when heated too much. Most of Walmart's food is too expensive for me. I usually shop at Aldi. I'm trying to find rBGH-free milk. Target supposedly has it, i.e. Alta Dena, but I haven't looked yet.