July 13, 2024

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Wal-Mart will close half of its stores in a major US city due to heavy financial losses

Wal-Mart will close half of its stores in a major US city due to heavy financial losses

Walmart It plans to close half of its Chicago stores, citing poor performance at each location.

There are eight stores in Chicago, and the company will be closing four of them.

Three of the locations are located in primarily minority-dominated areas of Chicago in its South and West neighborhoods and have long struggled to access grocery and retail stores, According to CNN.

Walmart said in a blog post The 4 stores that close ‘lose tens of millions of dollars a year’ Annual losses have doubled over the past five years.

“Unfortunately, these efforts have not substantially improved the core business challenges our stores face,” the company said.

News of Chicago Walmart’s closure comes just a few weeks after the company closed its last remaining stores in Portland, Oregon.

In this case, Wal-Mart also cited the inability to meet financial expectations, but the closing came after that as well. Wal-Mart CEO Doug McMillion said Record-breaking retail theft hurt the company’s economic performance last year.

Walmart plans to close stores in 12 states and Washington, D.C.

Workers at the affected Chicago stores will be able to shift to other Walmart stores, and the company said it will work with city government leaders to find a way to reuse space previously occupied by the stores.

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