Wal-Mart pulls plug on smallest store format, shuts 269 stores

January 15, 2016 3:13 PM

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Wal-Mart pulls plug on smallest store format, shuts 269 stores

Wal-Mart Stores Inc said on Friday that it was pulling the plug on its smallest store format, Walmart Express, and closing 269 locations globally, including 154 in the United States, in a restructuring that will affect 16,000 workers.

Wal-Mart, the world's largest retailer, said the move would reduce diluted earnings per share by 20 cents to 22 cents, with nearly all of that to be booked in the fourth quarter ending this month. In November, the company forecast a full-year profit of $4.50 to $4.65 per share.

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