The closures also affect some Sam’s Club stores but no Austin-area locations, the release stated.
The closures are being done “to ensure assets were aligned with strategy,” the news release stated, and comes as a result of an active review of the company’s portfolio.
“Actively managing our portfolio of assets is essential to maintaining a healthy business,” President/CEO Doug McMillon said in the release. “Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future.”
Despite the anticipated closures, which include 154 U.S. locations, the company stated its plans to open 300 stores throughout the world in 2017. These new stores will include 50-60 supercenters, 85-95 neighborhood markets and 7-10 Sam’s Club establishments, the company stated.
Wal-Mart intends to either relocate or provide two months of pay and possible severance pay to the approximately 10,000 U.S. employees affected by the closures, the release stated.