Wal-Mart Stores Inc (WMT.N) has closed about 60 stores in Brazil, or more than 10 percent of its locations in the country, part of a restructuring of one of the retailing giant’s most important overseas markets, people familiar with the matter said.
Wal-Mart last month said it would close “underperforming” stores representing 5 percent of its “business” in Brazil, but it did not say exactly how many stores were included. Brazilian newspaper Valor Economico in December reported that 30 stores would be shut.
The people familiar with Wal-Mart’s Brazil operations told Reuters that Wal-Mart had shuttered roughly 60 stores in the past few weeks. The people, who spoke on condition of anonymity, said a significant number of the closures were of smaller-format stores.