The last two Walmart stores in Portland, Oregon, are closing their doors as companies across the board experience surges in retail theft.
The stores will both close on March 24. Walmart says it's because the stores are not meeting expectations financially."This decision was not made lightly and was reached only after a thorough review process. We have nearly 5,000 stores across the U.S., and unfortunately, some do not meet our financial expectations.
In December, President and CEO of Walmart Inc. Doug McMillon said that"theft is an issue. It is higher than what it has historically been." He also revealed that"if that is not corrected, over time, prices will be higher and/or stores will close.""It is really city by city, location by location, its store managers working with local law enforcement," he said of how the company deals with theft and other crime.
As for what he wanted to see from lawmakers, he said at the time,"it's just policy, consistency, and clarity."
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