Wal-Mart to Close 10 Sam's Club Stores

Wal-Mart plans on closing 10 Sam's Club stores and cutting 1,500 jobs.
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BENTONVILLE, Ark. (

TheStreet

) -- It's evident retailers will continue to scale back in 2010.

Wal-Mart Stores

(WMT) - Get Report

plans on shuttering 10 underperforming Sam's Club locations and cutting 1,500 jobs, the company announced on Monday.

The store closures will occur in Nampa, Idaho; La Quinta, Calif.; Louisville, Colo.; Vista, Calif.; Rolling Meadows, Ill.; Clay, N.Y.; Irvine, Calif.; Sacramento, Calif.; Houston and Phoenix.

"Despite the outstanding efforts of our associates, these clubs continued to lose money and we have decided to close them," Sam's Club CEO Brian Cornell said in a statement.

The closures are not expected to have an impact on fourth-quarter results.

Last week

Foot Locker

(FL) - Get Report

also announced that it will be closing 117 stores and cutting 120 employees.

-- Reported by Jeanine Poggi in New York.

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