As part of its cost-cutting strategy, Wal-Mart will close ten “financially underperforming” Sam’s Club stores in the U.S. and lay off 1,500 workers.
Four of the stores are in California--in La Quinta, Vista, Irvine and Sacramento. The others are in Nampa, Ind.; Louisville, Colo.; Rolling Meadows, Ill.; Clay, N.Y.; Houston; and Phoenix.
Wal-Mart's shares slid 6 cents to $54.15 in after-hours trading. The stock is up 5% in the past year.
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