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By Brian Hews
Wan-Mart on Friday said that it will close over 260 of its stores including-154 in the U.S.-and the Wal-Mart located in Hawaiian Gardens, as the company adjusts to the “new” retail environment.
The company indicated that in 2016 it plans open more than 140 new stores nationwide and expanding nine stores in California.
Other store closures include Los Angeles, Chinatown, Oakland, Long Beach, San Jose, Altadena, and San Bernardino
The closures come at an especially bad time for employees at Wal-Mart but the company said they will staff them in other stores, retrain them, or give them two months severance.
The retailer said that more than 95% of the stores are within 10 miles of another store, and that employees will receive priority in transfer opportunities.
“The decision to close doors is difficult and we care about the associates who will be impacted,” Wal-Mart Chief Executive Doug McMillan said in a statement. “We invested considerable time assessing our stores and clubs and don’t take this lightly.”
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