Walmart To Lay Off Thousands, Close 63 Stores

The Hill reports:

Walmart has announced that it will lay off thousands of workers across the country as it closes dozens of Sam’s Club locations.

The announcement comes on the same day the retail giant announced it was raising its starting minimum wage for new employees to $11 an hour.

The company told Business Insider that 63 Sam’s Club stores will close. Some locations reportedly stopped business suddenly on Thursday without giving advance warning to employees.

The New York Daily News reports:

Walmart has announced an increase to its minimum wage and a series of bonuses in light of the Republican tax bill, but the bulk of its corporate tax cut still won’t be trickling down to its workers.

Walmart CEO Doug McMillon on Thursday said a wage hike to $11 an hour would roll out in February and employees this year will be getting one-time bonuses of up to $1,000. Those who have worked for the company for 20 years are eligible for the top-tier bonus, while others will be handed smaller payouts based on their seniority.

Overall, the value of bonuses will be $400 million, but McMillion did not go into specific detail on how the fund would be doled out to the rest of the workers.