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Friday, January 15, 2016
Altadena Walmart Store on List of 269 Store Closures Announced Today
Walmart announced today it is closing 269 underperforming stores, including the Altadena store at 2408 Lincoln Avenue. It will close January 28, according to a company press release.
The move comes as the retail giant eliminates 10,000 jobs as a result of the closures.
The Altadena store is one of 154 locations in the U.S. the company is closing, which includes 102 of its small-format stores, Walmart Express. Also covered in the closures are 23 of Walmart’s Neighborhood Markets, 12 Supercenters, seven stores in Puerto Rico, six discount centers and four Sam’s Clubs.
Walmart says the closures follow a thorough review of nearly 11,600 worldwide stores that looked at financial performance and strategic alignment with the company’s long-term plans. Outside the U.S., 115 stores are closing.
“Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future,” said Doug McMillon, president and CEO, Wal-Mart Stores, Inc. “It’s important to remember that we’ll open well more than 300 stores around the world next year. So we are committed to growing, but we are being disciplined about it.”
Walmart said it hopes to place most of the 10,000 U.S. associates impacted by the closures in nearby locations. Otherwise, the company says it will provide 60 days of pay and, if eligible, severance. It will also provide resume and interview skills training to help associates find their next job opportunity.