NEW YORK - Wal-Mart Stores Inc., the world's largest retailer, set the stage for price wars Monday as it announced it's cutting prices on more than 16,000 items starting this week in a bid to turn around sales for the critical back-to-school season.
Shares of key retailers such as Sears Holding Corp. and J.C. Penney Co. were down, as investors worried about how ensuing price wars would affect profit margins. Wal-Mart slipped 2 cents to $48.04.
Wal-Mart's price cuts, which range from 10 percent to 50 percent, will be backed by a new ad campaign on how to save money as gas prices remain high and kids head back to school. The cuts are deeper and involve even more items than …
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