Walmart Closes Four Chicago Stores As Losses Run In Millions

Walmart Inc (NYSE: WMT) said it has decided to close four of its stores in Chicago.

The retailer said the Chicago stores have not been profitable since the first store was opened nearly 17 years ago.

The stores, collectively have been losing tens of millions of dollars a year, and the annual losses nearly doubled in just the last five years.

The rest of the four Chicago stores, Walmart said, would continue to operate despite facing the same business difficulties.

Also Read: Walmart Sees 65% Of Store Automation By FY26 End; Affirms FY24 Guidance

Walmart has invested millions of dollars in Chicago, including $70 million in the last couple years to upgrade its stores and build two new Walmart Health facilities and a Walmart Academy training center.

While the four stores will close to the public by April 16, the pharmacies at these locations will remain open to serve patients for up to 30 days.

The associates who work in the stores will be eligible to transfer to any other Walmart or Sam’s Club facility.

Price Action: WMT shares are trading lower by 0.05% at $150.00 in premarket on the last check Wednesday.

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This article Walmart Closes Four Chicago Stores As Losses Run In Millions originally appeared on Benzinga.com


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