Sam's Club to Close 10 Stores, Lay Off 1,500 Workers

In a move that indicates consumers may be worse off than the economic pundits think, Sam's Club, the discount warehouse chain owned by Wal-Mart (WMT), is closing 10 U.S. locations and cutting 1,500 jobs.

"Despite the outstanding efforts of Sam's Club Associates, these Clubs continued to lose money and we have decided to close them," wrote Sam's Club president and CEO Brian Cornell in a memo to employees Monday.