Wal-Mart to pull out of D.C. after minimum-wage vote

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Wal-Mart is not happy with recently passed legislation to raise the minimum wage in Washington, D.C. So much so that the retail giant has said it will scrap three planned stores in the area.

Following the vote, Wal-Mart spokesman Steven Restivo issued a statement regarding the future of D.C. Wal-Mart stores.

"‪Nothing has changed from our perspective: we will not pursue Skyland, Capitol Gateway, and New York Avenue and will start to review the financial and legal implications on the three stores already under construction. This was a difficult decision for us—and unfortunate news for most D.C. residents—but the Council has forced our hand," he said.

The decision to pass the bill came after a team of Wal-Mart executives and lobbyists delivered their ultimatum personally to D.C. Council members less than 24 hours before the vote.

By CNBC's Jeff Kagan.


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