How Bad is the Consumer Spending? Wal-Mart to Close 10 Money-Losing Sam’s Clubs Stores, Cut 1,500 Jobs to Save On Costs
Wal – Mart cutting jobs and closing stores, because THEY ARE LOSING MONEY?
If you still think it is only a recession and that we are on the path to recovery…you are stupid!
From Chicago Tribune
Wal-Mart said Monday it will close 10 money-losing Sam’s Club stores and cut 1,500 jobs to reduce costs.
The stores will close Jan. 22. They are in Nampa, Idaho; La Quinta, Calif.; Louisville, Colo.; Vista, Calif.; Rolling Meadows, Ill.; Clay, N.Y.; and Irvine, Calif. The cities of Houston, Phoenix and Sacramento, Calif., will each lose one store.
“Despite the outstanding efforts of our associates, these clubs continued to lose money and we have decided to close them,” Sam’s Club CEO Brian Cornell said in a statement.
Cornell said the company is trying to find jobs at other Sam’s Club or Wal-Mart locations for workers who lost their jobs. Wal-Mart owns the Sam’s Club warehouse stores chain.
Wal-Mart Stores Inc., based in Bentonville, Ark., says it plans to disclose the financial details of the closures when it announces its fourth-quarter results on Feb. 18. It does not anticipate any effect on its fourth-quarter profit.
