Walmart Announces 2016 Plans to Close 269 stores

Walmart has announced that it will be shutting down 269 store locations worldwide as a part of its restructuring plans for 2016.

A total of 16,000 employees will be affected by the closings. In the United States, the number of store closings will total 154, putting about 10,000 workers at risk of losing their job. Brazil was also hit hard by Walmart's decision with a total of 60 locations closing down.

"Actively managing our portfolio of assets is essential to maintaining a healthy business," CEO Doug McMillon said Friday. "Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future. ...We invested considerable time assessing our stores and clubs and don't take this lightly."

In the U.S., 102 of the closings involve Walmart Express stores, which are smaller locations that were introduced in 2011. The remaining 52 locations that are being closed include 12 superstores, four Sam's Club, and Neighborhood Market locations. All stores worldwide are expected to be closed by the end of January.

The company has stressed that it will try to find their employees new positions at other locations. Employees who are left without a job and are deemed eligible will receive 60 days of pay plus severance.

The closings in the U.S. represent just three percent of the company's 5,310 locations. On a global scale, the closings represent just two percent of Walmart's 11,600 locations.

Along with the closings, however, Walmart will be opening at least 300 stores - with about 50-60 U.S. locations - starting in February.

"So we are committed to growing, but we are being disciplined about it," McMillon said.

For more information, read the press release here.