By Nathan Layne and Brad Haynes
CHICAGO/SAO PAULO (Reuters) - Wal-Mart Stores Inc (N:WMT) has closed about 60 stores in Brazil, or more than 10 percent of its locations in the country, as part of a restructuring of one of the retailing giant's most important overseas markets, people familiar with the matter said.
Wal-Mart last month said it would close "underperforming" stores representing 5 percent of its "business" in Brazil, but it did not say exactly how many stores were included. Brazilian newspaper Valor Economico in December reported that 30 stores would be shut.
The people familiar with Wal-Mart's Brazil operations told Reuters that Wal-Mart had shuttered roughly 60 stores in the past few weeks. The people, who spoke on condition of anonymity, said a significant number of the closures were of smaller-format stores.
Wal-Mart recently had 558 outlets in the country, according to its corporate website.
Wal-Mart declined to comment on Thursday.
The move comes three months after Chief Executive Doug McMillon flagged to investors that he was planning to review the retailer's global operations and "close the stores that should be closed."
His comments had sparked speculation that Wal-Mart would look to restructure or even pull out of markets where it has struggled. Brazil was among the countries most often cited by analysts as a potential target, along with Japan.
The company has begun selling non-core businesses in Latin America, including property in Chile and a Mexican restaurant chain.
(Editing By Peter Henderson and Dan Grebler)