Wal-Mart's closures come after a review that began in October of the chain's 11,600 stores to assess their financial performance and alignment with its broader strategy.
The move also marks the end of its pilot Wal-Mart Express program, a bid to create a network of small corner stores that began in 2011, Bloomberg reported. Wal-Mart will continue with its Supercenters and its larger-size Neighborhood Markets concept.
The Neighborhood Market is Wal-Mart's version of a traditional grocery store. The retailer has been expanding the concept rapidly throughout the Charlotte region, adding to the already competitive local grocery market.
"We invested considerable time assessing our stores and clubs and don't take this lightly. We are supporting those impacted with extra pay and support, and we will take all appropriate steps to ensure they are treated well," Chief Executive Officer Doug McMillon said.
The closures will reduce earnings from continuing operations by about 20 cents to 22 cents a share, with as much as 20 cents of that coming in the fourth quarter, Wal-Mart said. Bloomberg News contributed.
Vehicles sit parked outside a Walmart store in Louisville, Ky. Luke Sharrett Bloomberg
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