WalMart To Fire 16,000 As It Closes 269 Stores Globally
by Tyler Durden
ZeroHedge.com
01/15/2016
The last 12 months have not been kind to WalMart.
When the world’s largest retailer bowed to pressure to raise wages for its lowest-paid employees, the living wage crowd cheered. In short order, it became apparent that the reverberations from the $1.5 billion endeavor would spell trouble for the company.
When a series of ill-fated efforts to squeeze the supply chain failed to plug the gap, the company resorted to store closures (or “plumbing” as WalMart calls it), job cuts in Bentonville, and reduced hours.
Finally, in October, WalMart threw in the towel and cut guidance. Its shares plunged.
Now, we learn the retailer is set to close nearly 300 stores, affecting some 16,000 employees worldwide.
WAL-MART TO CLOSE 269 STORES
WAL-MART SAYS 10,000 ASSOCIATES AFFECTED IN U.S.
WAL-MART SEES ABOUT 16,000 ASSOCIATES AFFECTED
WAL-MART SEES FINAL EFFECT 20C-22C ON EPS CONT OPS
WAL-MART EXITS WAL-MART EXPRESS PILOT
This time around, “plumbing” was not cited as a factor.
Behold: the effect of an across the board minimum wage hike…
The Rest…HERE
