Report: Wal-Mart To Close 60 Stores In Brazil

According to Telesur, a Latin American-based media outlet, Wal-Mart Stores, Inc. WMT has closed approximately 60 stores in Brazil, representing more than 10 percent of its outlets in the country.

Telesur reported that "people familiar with Wal-Mart's Brazil operations" have told Reuters that the company closed "tens of its locations" across the country over the past few weeks. The report added that the closures were mostly done at smaller stores due to falling profit margins.

Telesur added that initial reports of stores closures in Brazil were reported by the Brazilian business newspaper Valor last month. However, it was believed that only 30 stores would be closed at that time.

Shares of Wal-Mart were trading lower by nearly 2 percent at $61.80 ahead of Friday's opening bell.