Secondly, according to Walmart's own press releases, this will not have much of an effect: as of 2016, the average pay was $13.38. So only new hires are affected by the "increase"--and how many new hires will there be if Walmart is closing stores.
Taken in context of what is happening in retail on-ground businesses, this is probably a reasonable financial decision. But communicating the message that it is good for wage earners in light of the store closings had a back-firing effect.
Walmart stock price was up slightly on Friday, but traded slightly lower after hours.
Source: "Walmart's Bumpy Day: From Wage Increase to Store Closings," by Michael Corkery, New York Times, January 11, 2018.
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