Walmart, $WMT, has said: “Our Chicago stores have not been profitable since we opened the first one nearly 17 years ago. These stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years.”
Crime and theft weren’t leading drivers of the decision, the company said in an email Tuesday, per Bloomberg.
“I’m incredibly disappointed that Walmart, a strong partner in the past, has announced the closing of several locations throughout the south and west sides of the city,” said outgoing Chicago Mayor Lori Lightfoot.
The four Walmart stores, which include three Neighborhood Market formats and one Supercenter, will close by April 16.
“The remaining four Chicago stores continue to face the same business difficulties, but we think this decision gives us the best chance to help keep them open and serving the community,” Walmart said.
Walmart, $WMT, has said: “Our Chicago stores have not been profitable since we opened the first one nearly 17 years ago"
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