Wal-Mart Stores Inc. will change its legal name as of February 1 as it moves away from physical stores in the era of Amazon's growing dominance.
The world's largest retailer, based in Bentonville, Ark., Said on Wednesday it will change its legal name to Walmart Inc. of Wal-Mart Stores Inc.
. He said the measure underscores its growing emphasis on serving the Buyers in different ways beyond physical stores, but also online, on their mobile devices and through collection and delivery.
The company has been making progress in bridging the gap between it and Amazon by making large investments in its online business. The number of items sold online was tripled a year ago, their free shipping strategy was renewed and those services are expanding, allowing buyers to pick up grocery orders online at stores. That helped generate strong profits in e-commerce sales in recent quarters, most recently a growth of 50 percent in its fiscal third quarter.
Walmart operates more than 11,600 stores and clubs with less than 60 different banners around the world.
"Whether it's in our stores, on our sites, with our apps, using your voice or whatever it comes from, there's only one Walmart when it comes to our customers," wrote Doug McMillon, president and CEO of Walmart, in a blog post on Wednesday.
The formal legal name of the discounter when it was incorporated on October 31, 1969 was Wal-Mart Inc. It was changed to Wal-Mart Stores Inc. on January 9, 1970, the same year it was made public. It will continue to be listed on the New York Stock Exchange as "WMT". He has been using the current Walmart logo in his operations since June 2008.
But for employees who still want to do the "squiggly" at the Walmart ovation where they move their hips when they get to the script, there's nothing to fear .
"Making our blood flow and choosing not to take ourselves too seriously is still part of our culture," McMillon wrote Wednesday. "It's important to have a little fun at work, so for our associates in countries where their joy calls squiggly, keep doing it!"
Published at 8:51 a.m. CST of December 7, 2017 | Updated at 9:09 a.m. CST of December 7, 2017
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