Walmart Closes Stores, But Not in Valley

Wal-Mart Stores Inc. announced Friday it will close 269 of its stores, 154 in the United States and 115 in global markets. At the same time, it plans to grow in the San Fernando Valley by the end of the year. Of the 154 U.S. closures, nine are in California including two in Los Angeles on Crenshaw Boulevard and W. Caesar E. Chavez Street. They will close to the public on Sunday. The Bentonville, Ark. retailer will close an array of different store formats, including 102 Walmart Express stores, 23 neighborhood markets and 12 supercenters. The closures are a result of the company’s long-term strategy to grow its ecommerce business and to expand its pick-up service for customers. Though managing its portfolio required scaling back on less than 1 percent of its 11,600 stores, the chain announced plans to open an additional 300 domestic and international locations in the coming year, seven of which will be based in California – including the long-awaited Burbank location. “Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future,” said Doug McMillon, Wal-Mart stores chief executive, in a statement. “It’s important to remember that we’ll open well more than 300 stores around the world next year. So we are committed to growing, but we are being disciplined about it.”