Walmart has begun closing more than a dozen stores in major cities in recent months, the latest being four locations in Chicago.
job cuts at the retail giant's e-commerce fulfillment centers in Texas, Pennsylvania, Florida and New Jersey, impacting over 2,000 workers.Tuesday the Chicago stores have collectively been losing tens of millions of dollars annually and have not been profitable since the first of the four opened almost 17 years ago. Walmart also said it tried several different business strategies to improve the performance at the locations, including investing $70 million in recent years.
"Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing," the company said in a statement, adding that the stores will close for good on Sunday. Walmart will still have four locations operating in Chicago after the Sunday closings, but the company said those remaining stores"face the same business difficulties." Closing four stores this week gives the surviving stores the best possible chance to remain open long-term, Walmart said. "The decision to close a store is never easy," the company said."The impact is greater than just closing a building.
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