Walmart announces plans to close 269 stores. 154 of these stores are in the US, and will affect 16,000 workers. Closures will begin at the end of January. 102 of the 154 stores to be closed in the US are part of an experimental set of offerings opened in 2011 and are within 10 miles of another Wal-Mart. Efforts will employ the affected workers at other locations. Other locations to be closed include locations in Brazil, where the retailer is struggling.
Research firm S&P Capital IQ calculates that at its intraday high of $99.70 a share, Alibaba has a $245.7 billion market capitalization and is in the top 10 biggest U.S. companies. If Alibaba were in the S&P 500 it would rank as ninth biggest, ahead of Wal-Mart, Chevron and P&G.
The Supreme Court of Canada rules that the workers at the Jonquiere, Quebec store must be compensated. The workers lost their jobs at the store when it was suddenly shut down months after its employees unionized. The court ruled in a five-to-two decision that the the store modified working conditions for the employees without a valid reason when it shut down the store in February, 2005. A spokesman for Wal-Mart Canada says the company will consider its options:
We are disappointed by the decision. This was an appeal of a unanimous decision by the Quebec Court of Appeal to reject the UFCW’s claim, which in our view was a legally correct decision. We will review the decision carefully in order to determine what our next steps will be.
The retailer lowers prices on the Apple iPhone 5s and 5c models beginning Friday, June 27, 2014. With a two-year phone service contract, a 16-gigabyte iPhone 5S will cost $99, coming down from $149. The 16-gigabyte iPhone 5c will be $29, down from $49. The offer is available in Wal-Mart’s brick and mortar stores only. In an effort to clear inventory, retailers often lower prices to clear space to make room for new merchandise.