Posted: Jan 12, 2010 8:20 AM by Associated Press
Wal-Mart Stores Inc. says it will close 10 money-losing Sam's Club stores and cut 1,500 jobs to reduce costs.
Stores to close are in Nampa, Idaho; La Quinta, Calififornia, Louisville, Colorado; Vista, Calififornia; Rolling Meadows, Illinois; Clay, New York; and Irvine, California. The cities of Houston, Phoenix and Sacramento, California, will each lose one store.
Sam's Club CEO Brian Cornell said that despite the outstanding efforts of the associates, the clubs continued to lose money and would be closed.
Wal-Mart says it plans to disclose the financial details of the closures when it announces its fourth-quarter results on Feb. 18.
No effect on fourth-quarter profit is expected.