Walmart announced Tuesday it is permanently closing four stores in Chicago due to low profits.
, Walmart said the “simplest explanation is that collectively our Chicago stores have not been profitable since we opened the first one nearly 17 years ago.”
Walmart went on to say that the stores lose “tens of millions of dollars a year,” and their annual losses nearly doubled in just the last five years.“The decision to close a store is never easy. The impact is greater than just closing a building. It affects people — people who work in, shop in and live in communities near our stores — and we never take that lightly,” the news release reads.
The remaining four Walmart stores in Chicago will continue to operate, but the outlook isn’t great. Walmart said these remaining stores face the “same business difficulties” as the stores that are closing. Employees of the stores that are closing are eligible to transfer to another location or receive severance benefits.
Last month, Walmart announced similar closures in Portland, closing all remaining stores within city limits. The last two stores closed March 24.Copyright 2023 Gray Media Group, Inc. All rights reserved.
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