BENTONVILLE, Ark. – Walmart Stores Inc. announced plans to close 269 stores in the United States and abroad, notes a company press release. 

In October 2015, Walmart said an active review of its store portfolio was underway to ensure assets were aligned with its strategy. Last week’s announcement follows a complete review of the company’s nearly 11,600 worldwide stores that took into account a number of factors, including financial performance as well as strategic alignment with long-term plans. In total, the impacted stores represent less than 1% of both global square footage and revenue.

“Actively managing our portfolio of assets is essential to maintaining a healthy business,” said Doug McMillon, president and CEO of Walmart. “Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future. It’s important to remember that we’ll open well more than 300 stores around the world next year. So we are committed to growing, but we are being disciplined about it.”

Walmart will close 154 locations in the United States, including its 102 smallest format stores, Walmart Express, which had been in pilot since 2011. Walmart instead will focus on strengthening Supercenters, optimizing Neighborhood Markets, growing the e-commerce business and expanding pickup services for customers. Also covered in the closures are 23 Neighborhood Markets, 12 Supercenters, seven stores in Puerto Rico, six discount centers and four Sam’s Clubs.

Walmart plans to open stores worldwide in the coming fiscal year. Domestically, Walmart intends to open 50 to 60 Supercenters and 85 to 95 Neighborhood Markets in Fiscal 2017, which begins February 1. In the same period, Sam’s Club plans to open in seven to 10 new locations. Internationally, Walmart intends to open between 200 and 240 stores during the coming year.

In total, about 16,000 associates will be impacted by the decision, with 10,000 of them in the United States. More than 95% of the closed stores in the U.S. are within 10 miles, on average, of another Walmart, and the company says the hope is that these associates will be placed in nearby locations. Where that isn’t possible, the company will provide 60 days of pay (and severance, if eligible), as well as resume and interview skills training.