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Wal-Mart Said to Close 63 Sam's Club Stores, Cut Thousands of Workers

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Thursday, 11 January 2018 04:20 PM

Sam’s Club, a unit of Wal-Mart Stores Inc., said it had closed a series of stores following a review, the membership-only store chain said in a tweet on Thursday.

Business Insider, citing Wal-Mart, reported that Sam's Club was closing 63 stores and laying off thousands of workers. 

The report came after local news outlets in Arizona, Alaska, Texas, New Jersey, Indiana and New York reported that some Sam's Club stores closed abruptly on Thursday, with employees learning of the move as they arrived for work.

The "retail apocalypse" refers to the closing of a large number of American retail stores beginning in 2016 and expected to peak in 2018.

“Closing clubs is never easy and we’re committed to working with impacted members and associates through this transition,” Sam’s Club said on Twitter.

Sam’s Club said pharmacies at the closed locations would stay open for at least two weeks and the company would work with the respective state’s Board of Pharmacy to help customers with the transition.

Wal-Mart’s shares were up 0.5 percent in afternoon trading, while shares of Costco Wholesale Corp., which competes with Sam’s Club, were up 2.7 percent.

Sam’s Club was not immediately available for comment.

Earlier in the day Wal-Mart said in a tweet that it would raise entry-level wages for U.S. hourly employees to $11 an hour in February as it benefits from last month's major overhaul of the U.S. tax code.

© 2019 Thomson/Reuters. All rights reserved.

   
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Sam's Club, a unit of Wal-Mart Stores Inc., closed a series of stores following a review, the membership-only store chain said in a tweet on Thursday.
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2018-20-11
Thursday, 11 January 2018 04:20 PM
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