Retail giant Wal-Mart Stores Inc. (WMT) said Monday that it will close ten "financially underperforming" Sam's Club locations in the U.S. and lay off about 1,500 workers. The company said that the decision to close the stores was made after reviewing the company's current business performance and as the stores continued to lose money. In a letter to employees that was posted on Wal-Mart's website, Sam's Club President and CEO Brian Cornell said that the impacted stores are located in Nampa, Idaho; La Quinta, California; Louisville, Colorado; Vista, California; Rolling Meadows, Illinois; Clay, New York; Irvine, California; and one Club in the Houston, Texas, Phoenix, Arizona, and Sacramento, California markets.
Wal-Mart said it was doing all it can to make the transition for the impacted workers to be as smooth as possible.
"In addition to providing severance pay and benefits for eligible Associates, we are working to find employment opportunities at other Sam's Club locations or Walmart stores and will hold job fairs at each location to help Associates learn about potential openings," the company said.
Bentonville, Arkansas-based Wal-Mart said that by the end of fiscal year 2010, it will have added six Sam's Club stores and remodeled 52 stores. In fiscal year 2011, the company plans to add between five and 10 new, expanded or relocated Sam's Club stores, and remodel between 60 and 80.
WMT closed Monday's regular trading session at $54.21, up $0.88 or 1.65% on a volume of 13.99 million shares.
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