Economy

Walmart closing 63 Sam’s Club stores and laying off thousands of workers

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On the same breath that Walmart (WMT) announced that it is raising its hourly wages to $11 and giving employees bonuses due to tax return, the world’s largest retailer also revealed it’s closing 63 Sam’s Club locations across the U.S., which will ultimately lay off thousands of workers.

The news of the exact locations was first reported by Business Insider, but later followed by a tweet from Sam’s Club’s official account.

“After a thorough review of our existing portfolio, we’ve decided to close a series of clubs and better align our locations with our strategy. Closing clubs is never easy and we’re committed to working with impacted members and associates through this transition,” the company tweeted.

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Categories: Economy