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Wed, February 8 at 8:00PM ET

Sam’s Club Closings 2018: 63 Stores Shutting Down

Sam’s Club closings are happening this year as Wal-Mart Stores Inc (NYSE:WMT) said that the company is shuttering the doors of 63 of its locations.

Sam's Club Closings

The company told Business Insider that some stores have already closed down without warning on Thursday. Some employees said they were not informed of the closures up until the moment they showed up to work today.

They reportedly showed up to their Sam’s Club workplace and found that its doors were locked and there was a notice announcing the closure. At least 10 of the stores will be transformed into e-commerce distribution centers, paving the way for former store employees to apply for these positions, according to a Walmart official.

The other stores will remain open for a number of weeks before shuttering down for good. All of the Sam’s Club closings were removed from the company’s website Thursday morning.

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

The move coincided with Walmart’s decision to raise its minimum starting hourly wages to $11, plus the company added more employee benefits and it offered workers bonuses of up to $1,000.

WMT stock gained 0.3% on Thursday.

Article printed from InvestorPlace Media, https://investorplace.com/2018/01/sams-club-closings-wal-mart-stores/.

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