Audio will be available later today. The company credits the new tax plan for the decision.
The store was closed Thursday to tell employees about the impending closure.
Walmart is closing dozens of Sam's Club stores, but none are in the metro-east or St. Louis. Several companies have since announced plans to invest more back into their employees.
According to a report by Business Insider Walmart - which owns Sam's Club - is closing 63 Sam's Club stores across the country.
We've reached out to Walmart representatives for comment and more specifics, but messages have not been returned.
"The fact is that Walmart is not permanently investing the estimated $2 billion it will receive annually from Trump's tax giveaway to its workers - it is keeping nearly all of it", Parraz said.
The large retailer also said it is expanding parental-leave and maternity benefits, as well as creating a new benefit to assist with adoption expenses. Each week, over 260 million customers and members visit our more than 11,600 stores under almost 60 banners in 28 countries and eCommerce websites. "What's impossible to sort out is how much of this is because of savings from the tax cuts, and how much is because of pressure they're receiving from employees and labor groups". In 2015, the hourly pay rose to $9, costing America's largest private employer $1bn, and then a year later to $10 for employees who completed a 90-day training course. Costco's starting wage is at least $13 an hour while Target is gradually raising its starting hourly wage to $15 by 2020.
In a separate news release, also issued Thursday, Walmart CEO Doug McMillon attributed the changes to a lower business tax rate recently approved by President Donald Trump and the U.S. Congress. The raise will range from $200 to $1,000, depending on workers' length of employment with Walmart.
As far back as 2016, the percentage of USA households that only pay for Prime membership more than doubled over the previous four years, from 7.1% in 2013 to 16.2% in 2016. "The one-time bonus represents an additional payment to associates of approximately $400 million in the current fiscal year, which ends January 31, 2018", Walmart said in a news release. The payouts, which should total roughly $400 million, will result in a one-time charge that the company will take in its fiscal fourth quarter. Before, full-time hourly workers received 50 percent of their pay for leave.