Walmart (WMT) had been reviewing the performance of its stores since October.
"Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future," said Doug McMillon, Walmart's CEO.
Yet Walmart says it will continue with its plans to open 300 new stores around the world later this year and 2017, including up to 60 new U.S. Supercenters and 10 new Sam's Club stores
"We are committed to growing, but we are being disciplined about it," McMillon said.
The closings represent just over 2% of the company's 11,600 stores worldwide. They are generally smaller stores, making up 1% of the retailer's overall square footage and sales.
Roughly half of the closing Walmarts overseas are in Brazil, and the rest are in Latin American countries.