In an unexpected announcement, Walmart officials on Tuesday unveiled plans to shut down half of their stores in Chicago. Four of the company’s eight Chicago stores are being abruptly closed because they have not turned profits since they opened 17 years ago, the company reveals in a statement.
As a result, Walmart has lost “tens of millions of dollars a year,” with the losses doubling in the last five years, per the statement. Fox Business says the stores will be shuttered on April 16th.
According to the statement. from Walmart, “Over the years, we have tried many different strategies to improve the business performance of these locations, including building smaller stores, localizing product assortment, and offering services beyond traditional retail,” “As we looked for solutions, it became even more clear that for these stores, there was nothing leaders could do to help get us to the point where they would be profitable.”