Wal-Mart announces 10,000+ layoffs within days of publicizing bonuses from GOP tax bill

[44nutman]

If Sam's was smart they would become a Wholesale Coal Club.
Coal is where its at.

 

[SBJJ]

Interesting. Most of the news outlets reporting these 2018 closures did not report the larger numbered closures in 2016

Why would that be?

 

[SBJJ]

Sam's clubs have been going down the drain for quite awhile.

These types of buyers clubs have been going down for a while.

Costco is on absolute fire

 

[oldshadow]

Costco is on absolute fire

Not around here but if they are over all I didn't know about it.

From what I heard any of these clubs were not a good stock investment.

 

[Jkillah]

I think my Wal Mart has about four cashiers on duty at any one time, and then eight or so self check out registers. I also think they deliberately pick terrible cashiers to convince people to use self check out instead. I rarely go to Wal Mart because the service is terrible. If it wasn't located right next to where I get my hair cut I don't think I would go at all.

 

[Cirris]

1,000,000 associates got bonuses and expanded benefits.
10,000 to be laid off due to closing about 600 Sam's club stores.

This is unfortunate for people losing their jobs but perfectly normal for a business to do this. This in no way refutes the promised and delivered benefits of the Trump tax cut.

Mind you, a lot of the reason for these store closings is the continued growth in online sales and deliveries.

Purchasing habits of consumers change, retail companies evolve and change with it.

Amazon just opened more distribution centers and are getting ready to build a second Corporate Hub. THAT'S probably where the cash is flowing that downtrending department store chains have lost.

 

[WorldofWarcraft]

 

[Liquid Smoke]

Mind you, a lot of the reason for these store closings is the continued growth in online sales and deliveries.

Purchasing habits of consumers change, retail companies evolve and change with it.

Amazon just open more distribution centers and are getting ready to build a second Corporate Hub. THAT'S probably part of the reason for the downtrend in department store chains.

Amazon is driving 100+ year old retailers out of business, see the number of Sears closings as an example. The fact that Walmart is still profitable is proof of them knowing what they're doing. And if they don't close unprofitable stores, watch how quickly they fall.

All these kids posting snarky shit on the first page are just plain clueless.

 

[44nutman]

I think my Wal Mart has about four cashiers on duty at any one time, and then eight or so self check out registers. I also think they deliberately pick terrible cashiers to convince people to use self check out instead. I rarely go to Wal Mart because the service is terrible. If it wasn't located right next to where I get my hair cut I don't think I would go at all.

I don't go to Wal Mart without carrying and I am not joking.
The dregs of society hang out at Wal Mart. I always get hit up for money in the parking lot.
Apparently people seem to always run out of gas in the Wal Mart parking lot and need a couple bucks to get back to their family.
I did give one dude a couple bucks because, he was carrying a gas can, I appreciated his commitment to the gimmick. I have seen him before with the same gas can.

 

[SBJJ]

Not around here but if they are over all I didn't know about it.

From what I heard any of these clubs were not a good stock investment.

https://www.fool.com/investing/2018/01/10/is-costco-wholesale-corporation-stock-a-buy-in-201.aspx

Costco makes the bulk of its profits by membership fees. They make very little profit off product sales. I live in a rather wealthy area but people still want deals. There gas alone is 40 cents cheaper a gallon than the stations in the area. You also get 3% back on purchases if you are an executive member.

Place rocks. And u can return ANYTHING. People were returning Christmas trees AFTER Christmas. Not that I condone that shit. It's an incredibly run company. Many cashiers at my local Costco make 20-26 an hour. Awesome health care. Bonuses twice a year and a 401k

Sorry. I worked there from like 20 to 26. A great company. Seriously

Stock is also just under 200.00

WallStreet continually tried to get Mngt to cut employee pay n benefits but Sinegal(CEO at time) would have none of it.

I really don't understand why more companies don't treat their employees better

 

[MicroBrew]

In a span of two weeks:
10,000 layoffs nationwide in Sam's closures
1,000 layoffs in California
500 layoffs in Arkansas

And this is despite their stock being up the past three months and receiving a windfall in the recent tax bill.

Strange that this hasn't made the rotation for certain WR posters' constant threads about the glories of the GOP tax cuts...

https://www.marketwatch.com/story/w...ing-bonuses-and-benefits-expansion-2018-01-30

Strange indeed !
I wonder why !!

 

[Rod1]

Sam's Club closures have been in the works for a long time.

So is the unemployment rate at 4% promoting the increase of wages and bonuses to retain employees but that doesnt stops people from people crediting tax cuts for the rich.

 

[SBJJ]

Amazon is driving 100+ year old retailers out of business, see the number of Sears closings as an example. The fact that Walmart is still profitable is proof of them knowing what they're doing. And if they don't close unprofitable stores, watch how quickly they fall.

All these kids posting snarky shit on the first page are just plain clueless.

Sams club was never any good. It was created solely to damage Price Club/Costco. It backfired and has been a drain on Walmart.

I personally hate Walmart. Just hate the look of it. It's just like Kmart was. It's dirty and disorganized. The lighting sucks. Cashiers are slow.

 

[MicroBrew]

I don't go to Wal Mart without carrying and I am not joking.
The dregs of society hang out at Wal Mart. I always get hit up for money in the parking lot.
Apparently people seem to always run out of gas in the Wal Mart parking lot and need a couple bucks to get back to their family.
I did give one dude a couple bucks because, he was carrying a gas can, I appreciated his commitment to the gimmick. I have seen him before with the same gas can.

Where the bloomin hell are you going to Walmart at, Juarez? Don't typically shop at Walmart but have been to many Walmarts on my road trips and occasionally step into my local Walmart, cause they are 24hrs. Never felt even the slightest bit of anxiety. All the people at the Walmarts here are indistinguishable from the average person one finds at Kroger , Home Depot or BestBuy

 

[Fawlty]

Donald Trump just destroyed 10,000 jobs.

 

[panamaican]

It seems obvious that some of these bonuses are propaganda designed to improve public opinion about the tax cuts.

It's all propaganda but you're wasting your breath trying to explain this to people.

To some people, companies that have never announced their bonuses before (even though they've given out bonuses before) have suddenly decided that their bonuses must be announced and overtly tied to tax cuts. Or companies that have been slowly increasing investment in the U.S. suddenly announce that investment in the U.S. is tied to a recent tax cut. As if they make multi-billion dollar investment decisions in 30-60 days and not that they had been planning to do this anyway but have taken advantage of a publicity opportunity.

These are the same people who will tell you not to listen to major news companies because of "spin" but can't believe that major corporations would ever stoop so low as to "spin" their actions, lol.

I've come to just ignore this type of wilful self-delusion.

Look above someone mentioned that 1,000,000 people got bonuses but 10,000 got laid off. If the 10,000 that got laid off were making $20k/year the cost savings to Walmart would be $200MM essentially identical to paying the 1,000,000 employees $200 bonuses. Now, some people certainly got more than $200 but some of the laid off employees were making more than $20k.

But people believe want they want to believe.

 

[SBJJ]

Lol at people acting as if they just chose to close these stores down. If a store underperforms it's imperative you either fix it or close it. You are risking the well being of the entire company not doing it

 

[Drenalin]

In a span of two weeks:
10,000 layoffs nationwide in Sam's closures
1,000 layoffs in California
500 layoffs in Arkansas

And this is despite their stock being up the past three months and receiving a windfall in the recent tax bill.

Strange that this hasn't made the rotation for certain WR posters' constant threads about the glories of the GOP tax cuts...

https://www.marketwatch.com/story/w...ing-bonuses-and-benefits-expansion-2018-01-30

What about the 7,000 jobs that Walmart cut while Obama was president? That was just one of the cuts under Obama

 

[Seano]

So is the unemployment rate at 4% promoting the increase of wages and bonuses to retain employees but that doesnt stops people from people crediting tax cuts for the rich.

eh, we could go back and forth there. I'll counter with the climbing work force participation, you'll post some graph that says Obama on it, we'll call each other names etc.

Things are going well, big businesses seem enthusiastic.

Good.

 

[SBJJ]

People who think ALL these announcements are Trump related are wrong. People who think ALL these announcements are Propoganda are also wrong.
And yes, both sides will dig in their heels and refuse to think they are wrong.

Trump is God or Trump is Satan. Take your pick America. There is no middle ground