Wal-Mart Announces Share Repurchase Program Amidst Revelry

By Marc Castro

Jun 07, 2013 02:12 PM EDT

Wal-Mart Stores Inc has announced plans to undertake a US$15 billion share repurchase plan during its annual workers meeting last Friday. The plan emphasizes the advancement of opportunities for its workers but a small vociferous group of workers though said that the plan is not affordable enough for them while working at the largest retailer in the world.

The said meeting was held at the Bud Walton arena in Fayetteville, AK was set up like a pep rally for thousands of Wal-Mart employees instead of the regular staid workers meetings. The attendees include members of the Walton family who own a little over half of the shares in the retail giant. The loudest contingent though came from 14,000 workers from all over the world consisting of truck drivers, delivery handlers and other store workers.

These workers are called associates in Wal-Mart parlance and were chosen by their fellow workers and managers to represent their respective stores through all the activities held during the week culminating in the worker meeting. These activities include concerts by Elton John and Luke Bryan while the shareholder meeting was hosted by Hugh Jackman.

The celebrations were marred by protests by OUR Walmart, a group backed by the union. On their agenda is having Wal-Mart commit to paying their workers the minimum wage of US$25,000 per year.

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