Economy

To Boost Pay In Response To Tax Bill

To Boost Pay In Response To Tax Bill”

Sam's Club closings are happening this year as Wal-Mart Stores Inc (NYSE:WMT) said that the company is shuttering the doors of 63 of its locations.

As a member of Sam's Club, you are entitled to a refund at any time if you are not satisfied, the company says on its website. Each Sam's Club warehouse employs about 175 people, meaning more than 11,000 people could be affected, according to the online news site Business Insider. The only other Florida store on that list was in the town of Fern Park, near Altamonte Springs. The local store on El Camino Avenue appears to be among those that will close permanently within a couple of weeks.

"As the labor market tightens, we expect to see wages going up, and if the tax reform provides them additional income, they can then use that to compete for workers by paying more", said Jones.

"We've made a decision to close a series of clubs and better align our locations with our strategy", a tweet from the official Sam's Club account read.

"Given these changes, we have an opportunity to accelerate a few pieces of our investment plan", CEO Doug McMillon said in a statement Thursday.

According to Business Insider, Walmart has closed or is planning to close at least 63 of its existing Sam's Club locations, with more to come at a later date, laying off thousands of employees in the process. The retailer will also offer employees a one-time bonus based on how long the employee has served the company.

The letter said the closing would be permanent and advised employees to transfer to another Sam's Club, Walmart or find employment elsewhere.

"The wage increases will make a big difference to Walmart's lowest-paid associates, but do not yet match Target's commitment to raise pay to $15 an hour", said the Organization United for Respect at Walmart.

"That assessment will be done not only through the lens of associates, customers and shareholders, but also within Walmart's financial framework of strong, efficient growth, consistent operating discipline and strategic capital allocation", the company stated.

"After a thorough review, it became clear we had built clubs in some locations that impacted other clubs, and where population had not grown as anticipated", Furner said in the email.



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