WASHINGTON (Sputnik) – At present, Wal-Mart operates approximately 11,600 stores worldwide. The company’s management reviewed their performance and alignment with long-term plans prior to announcing the cuts, according to the release.
"Wal-Mart Stores, Inc. today announced plans to close 269 stores in the US and globally," the press release stated.
The majority of the corporation’s stores abroad that will be closed are located in Latin America, including 60 in Brazil.
"It’s important to remember that we’ll open well more than 300 stores around the world next year," Wal-Mart President Doug McMillon assured.
The stores closure will impact about 16,000 employees, 10,000 of whom are in the United States, according to the release.
