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badlatitude

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I guess that tax cut wasn't big enough.

 

"Walmart shuttered Sam’s Club locations throughout the country Thursday.

There were reports of stores closing in more than 10 states, including Arizona, Illinois, Maryland, Alaska, Ohio, New York, Connecticut, Louisiana, Texas, Indiana, New Jersey, North Carolina, Pennsylvania, and Tennessee.

The company tweeted that the company reviewed their portfolio and closing clubs, which is what they call stores, to "better align our locations with our strategy. Closing clubs is never easy and we're committed to working with impacted members and associates through this transition."

All Sam’s Club locations in Alaska are closing, KTVA TV reported.

Jessica Buckner, an audit team lead at the Sam’s Club location in the Tikahtnu Commons, said all Alaska stores are closing as part of a larger downsizing across the United States.

Diana Leavitt Lanham, of Loveland, OH, said she worked at Sam’s Club for three years as an overnight stocker before she was terminated Thursday.

Lanham said about 10:30 a.m. FedEx delivered an envelope with a letter regarding the store closing. 

“It said effective immediately that our store is closed,” said Lanham, a mother of three. “No one had any idea. People showed up for work not knowing that anything was going on.”

Lanham who worked Wednesday night said she was shocked and saddened by the notice.

“There were 143 people who woke up this morning or worked third shift just to find out that they no longer have a job,” Lanham said.

The letter said the closing would be permanent and advised employees to transfer to another Sam’s Club, Walmart or find employment elsewhere."

http://www.kswo.com/story/37245316/sams-club-stores-close-around-the-country

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Nothing burger.

Big retail has been taking hits since obumbles took office

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6 minutes ago, Moderate said:

Nothing burger.

Big retail has been taking hits since obumbles took office

Then Trump is full of shit when he talks about a job boom. He knew this all along.

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What percentange of walmarts crap is made in USA? I dont give a fuck about chinese jobs

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7 minutes ago, Moderate said:

Nothing burger.

Big retail has been taking hits since obumbles took office

Read between the lines. Walmart has a well defined history. If you try to organizes at a store they simply close it. It has been a VERY effective Union deterrent. 

The bigger news is 

  • Walmart says it is raising hourly pay to $11 from $9 as a result of the new US tax law.
  • It says it's also offering employees a one-time cash bonus of up to $1,000, expanded maternity and parental-leave benefits, and assistance with adoption expenses.
  • The company says the changes will affect more than 1 million of its US employees.

Walmart is raising starting wages for hourly employees to $11 and offering a one-time cash bonus of up to $1,000, the company said Thursday.

The retailer also said it was expanding maternity and parental-leave benefits, as well as creating a new benefit to assist with adoption expenses.

Walmart's starting pay is now $9 for all hourly employees, or $10 for those who completed a training program.

The changes will take effect in February and affect more than 1 million US Walmart employees, the company said.

Walmart CEO Doug McMillon said the changes were a direct result of the new tax law.

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"Walmart employees are eligible for the $1,000 bonus only if they’ve worked at the company for 20 years. Most Walmart employees, of course, haven’t worked there that long. Those employees will receive a smaller bonus based on seniority. Walmart didn’t explain exactly how the sliding scale will work, but said the total value of the bonuses will be $400 million. Walmart has about 2.1 million employees, which works out to be an average bonus of about $190.

The one-time bonus Walmart announced this morning amounts to just over 2 percent of the total value of the tax cut to the company.

In fiscal year 2017, Walmart had pre-tax profits of about $20.5 billion and paid an effective federal tax rate of around 30 percent. With a new corporate tax rate of 21 percent, the corporate tax cut is worth at least $1.85 billion to Walmart every year. Since this cut is permanent, the true benefits to Walmart will grow much larger over time. But it’s safe to say that, over 10 years, this corporate tax cut will be worth over $18 billion to Walmart."

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2 minutes ago, Hillary said:

Who knew an 18% pay raise was so evil.

When it turns into a $2.58 billion dollar bonus to the 7 Walmart principles it will be.

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28 minutes ago, badlatitude said:

"Walmart employees are eligible for the $1,000 bonus only if they’ve worked at the company for 20 years. Most Walmart employees, of course, haven’t worked there that long. Those employees will receive a smaller bonus based on seniority. Walmart didn’t explain exactly how the sliding scale will work, but said the total value of the bonuses will be $400 million. Walmart has about 2.1 million employees, which works out to be an average bonus of about $190.

The one-time bonus Walmart announced this morning amounts to just over 2 percent of the total value of the tax cut to the company.

In fiscal year 2017, Walmart had pre-tax profits of about $20.5 billion and paid an effective federal tax rate of around 30 percent. With a new corporate tax rate of 21 percent, the corporate tax cut is worth at least $1.85 billion to Walmart every year. Since this cut is permanent, the true benefits to Walmart will grow much larger over time. But it’s safe to say that, over 10 years, this corporate tax cut will be worth over $18 billion to Walmart."

What happens to that average bonus amount of $190 if any employees receive the max of $1000?  

According to @Hillary, I mean @Happy Jack, nothing that occurs of President Trump’s watch is less than perfect. 

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3 minutes ago, Bus Driver said:

What happens to that average bonus amount of $190 if any employees receive the max of $1000?  

According to @Hillary, I mean @Happy Jack, nothing that occurs of President Trump’s watch is less than perfect. 

Walmart's hoping that the public will think this layoff is for all employees and the public won't think twice when they keep the bonus money for themselves.

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6 minutes ago, benwynn said:

What happened to the WARN act? Don't this many employees get 60 days notice?

that's a very good question

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12 minutes ago, benwynn said:

What happened to the WARN act? Don't this many employees get 60 days notice?

Sams club is a "Club" so maybe not relevant??  

 

Is it just me, or do you kind of get the warm and fuzzies that that Costco kicked the crap out of walmart.  ;)

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10 minutes ago, benwynn said:

What happened to the WARN act? Don't this many employees get 60 days notice?

you mean pay and benefits don't you? They can close the door at will. 

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4 minutes ago, shaggy said:

Sams club is a "Club" so maybe not relevant??  

 

Is it just me, or do you kind of get the warm and fuzzies that that Costco kicked the crap out of walmart.  ;)

I'm going to go to Costco this afternoon to sign up. Closing a store is not only bad for employees, it's bad for people who shop and contribute to the bottom line. Fuck em.

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9 minutes ago, Hillary said:

you mean pay and benefits don't you? They can close the door at will. 

That answers my question.  I just read a copy of the letter and employees receive pay over the next 60 days, which keeps them in compliance. 

It's good the jobs are just gone and not going to Mexico. Otherwise the President would need to get involved, taking him away from more important matters such as golf. 

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We had a Sams club membership when they first started and jumped ship as soon as Costco came to town.  Original reason was for the diversity in stuff.  Sams was all sysco crap (I think) and there really were no brand name options in there.  Though Costco = Kroger, they had many many more brand names in there and all in all it was not fucking Walmart.  As it turns out, Costco is one of the better employers around and basically treats their employees right.  Plus, the Costco by us finally got Booze.  Now that there is a reason to be a member in and of itself.  In Co, normal case o beer (Bud Light 24) costs around $23.  Costco = 15 ish.  Not so bad.  ;)

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4 minutes ago, shaggy said:

We had a Sams club membership when they first started and jumped ship as soon as Costco came to town.  Original reason was for the diversity in stuff.  Sams was all sysco crap (I think) and there really were no brand name options in there.  Though Costco = Kroger, they had many many more brand names in there and all in all it was not fucking Walmart.  As it turns out, Costco is one of the better employers around and basically treats their employees right.  Plus, the Costco by us finally got Booze.  Now that there is a reason to be a member in and of itself.  In Co, normal case o beer (Bud Light 24) costs around $23.  Costco = 15 ish.  Not so bad.  ;)

That doesn't help me much, When I got to a certain age I gave up red meat and booze, figuring if I was going to croak in the next thirty, it wouldn't be by cancer or diabetes. But for $8 bucks a case I may have to rethink that.

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58 minutes ago, shaggy said:

We had a Sams club membership when they first started and jumped ship as soon as Costco came to town.  Original reason was for the diversity in stuff.  Sams was all sysco crap (I think) and there really were no brand name options in there.  Though Costco = Kroger, they had many many more brand names in there and all in all it was not fucking Walmart.  As it turns out, Costco is one of the better employers around and basically treats their employees right.  Plus, the Costco by us finally got Booze.  Now that there is a reason to be a member in and of itself.  In Co, normal case o beer (Bud Light 24) costs around $23.  Costco = 15 ish.  Not so bad.  ;)

"Bud Light" does not qualify as "beer".

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1 hour ago, badlatitude said:

I'm going to go to Costco this afternoon to sign up. Closing a store is not only bad for employees, it's bad for people who shop and contribute to the bottom line. Fuck em.

Try it. The ones around here are so popular it’s killing them. Want some cheap asswipe? Go buy the big package at Lucky and save yourself the hassle. Want wine? Find a local guy who tastes the stuff he carries and gets to know your palate. About the only reason I’d join costco is they have some killer deals on vacations and the like, if you like going where Costco shoppers vacation that is...

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2 minutes ago, Raz'r said:

Try it. The ones around here are so popular it’s killing them. Want some cheap asswipe? Go buy the big package at Lucky and save yourself the hassle. Want wine? Find a local guy who tastes the stuff he carries and gets to know your palate. About the only reason I’d join costco is they have some killer deals on vacations and the like, if you like going where Costco shoppers vacation that is...

I belonged once upon a time, but moved where there wasn't one close by. I preferred Sam's because at Costco you had to buy multiples of some things like milk, so I stuck with Sam's. I could do without either, but I do like getting cheap gas.

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5 minutes ago, badlatitude said:

I belonged once upon a time, but moved where there wasn't one close by. I preferred Sam's because at Costco you had to buy multiples of some things like milk, so I stuck with Sam's. I could do without either, but I do like getting cheap gas.

Damn place is so popular here I’d bet the gas customers burn the savings idling in line. There no parking in the main lot, it’s pretty horrific. There just isn’t the space around here to do it right. The SoCal ones are much bigger, so it doesn’t feel so crushed.

And i like my wine guy and pay an extra $1 per bottle

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6 minutes ago, beanbeanbean said:

8901012116357_base.jpg

Hey Beaner, get tired of advertising that your mom was a whore and that you never knew your daddy? 

You sure this socks names is any better?

 

Noun; 1. A person of hispanic origin, usually a Mexican who supposibly eats beans, especially a recent illegal immigrant. 2. A racist term for a person of hispanic origin, again, usually for a Mexican.

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1 hour ago, Raz'r said:

Hey Beaner, get tired of advertising that your mom was a whore and that you never knew your daddy? 

You sure this socks names is any better?

 

Noun; 1. A person of hispanic origin, usually a Mexican who supposibly eats beans, especially a recent illegal immigrant. 2. A racist term for a person of hispanic origin, again, usually for a Mexican.

Forget him, he's a has-bean.

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See, trickle down works - exactly as intended (which is the opposite of 'as advertised')

The rich get a huge bonus, and the rest of the people get fucked,  except for a 'lucky' few who might get enough money for a good dinner out. 

 

Oh and Busdriver; math is not strong with you; 

If the average is $190, a group of 10 people will get a total of $1900.  If one of them gets $1000, that leaves $100 each for the remaining nine. 

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10 minutes ago, Kirwan said:

Oh and Busdriver; math is not strong with you; 

If the average is $190, a group of 10 people will get a total of $1900.  If one of them gets $1000, that leaves $100 each for the remaining nine. 

Oh and Kirwan, sarcasm is not strong with you. 

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2 minutes ago, beanbeanbean said:

Ahhh yes I am Hispanic thanks for confirming your racist Nazi views!

Sure thing Bastard.

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1 hour ago, beanbeanbean said:

Ahhh yes I am Hispanic thanks for confirming your racist Nazi views!

Bullshit - no Hispanic person is as stupidly ignorant as you.

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7 hours ago, Moderate said:

Nothing burger.

Big retail has been taking hits since obumbles took office

You sure about that? Costco -

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Walmart is doing this to open these as distribution centers and try to take on Amazon. They saw some pretty decent success with their online efforts to date and see the dollars. The problem will come in when Amazon takes them seriously. Then, Walmart gets smoked.

Kind of interesting, since Amazon bought Whole Paycheck and moved into retail.

I think Amazon wins this because people just don't like Walmart. And I've worked with Walmart as a client. They don't foster an innovative culture. It's a cost culture.

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4 minutes ago, austin1972 said:

Walmart is doing this to open these as distribution centers and try to take on Amazon. They saw some pretty decent success with their online efforts to date and see the dollars. The problem will come in when Amazon takes them seriously. Then, Walmart gets smoked.

Kind of interesting, since Amazon bought Whole Paycheck and moved into retail.

I think Amazon wins this because people just don't like Walmart. And I've worked with Walmart as a client. They don't foster an innovative culture. It's a cost culture.

We used to call Walmart our Loss Leader. While we sold them gear in the $40m/year range, they squeezed the shit out of us on services, and due to that, didn’t capture near the value they could have.

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