Must Reads for the CRE Industry Today (January 12, 2018)

Parsippany Alert
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Parsippany Alert Credits tapinto parsippany

No formal announcement had been posted Thursday morning by Sam's Club, but the company acknowledged the closures on Twitter with a general statement. It is one of at least 63 reported closures across the U.S. and is expected to impact thousands of workers.

The year that just ended was a record-setting one for closings, and 2018 doesn't seem to be any slower. For some part-time and full-time workers, the company plans to give one-time cash bonuses ranging from $200 (for workers who have been at Wal-Mart for two to four years) to $1,000 (for those who have been working there for 20 or more years).

The closures come on the same day that Walmart announced it was raising its minimum wage to $11 per hour.

Other benefits include an expanding maternity leave and giving a one-time bonus to associates who have worked for the retailer for over twenty years. Those employees will get the $1,000 bonus announced Thursday and 60 days of pay, as well as severance to those eligible.

Watch the Courier and dCourier.com for news and info of the meetings. At the time neither a tax cut nor such a low jobless rate were in prospect.

But the world's biggest retailer and the biggest private US employer is also shutting some Sam's Clubs stores around the US, the company confirmed. Trump said pay would rise, and see, it is; his critics said the windfall would all go to wealthy shareholders, and see, it isn't.

All the new changes will take effect in February, and will affect more than one million Walmart employees across the US, according to the company, Business Insider reports.

Anti-Walmart Group Unimpressed With Tax Bonuses
Moline's Sam's Club slammed with customers after closing announcement

"Now, how is a newcomer going to make more than me", Adams said in her post. As CNN noted in 2016, Walmart employees have been lobbying for a $15 hourly starting wage - a level Target has promised to hit by 2020.

"It's kind of shocking to me", Katheree Hughes, a Sam's shopper said.

"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", said Sam's Club Chief Executive John Furner in a memo to staff Thursday.

Sam's Club is shutting down 63 stores, and some employees and customers say it did so without warning.

CEO Doug McMillon said that they are investing that savings back into their employees.

"They raised minimum wage", Sanders told reporters at a press briefing.

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