“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,” the company said in a press release.
In its announcement, Walmart officials said the closures comes after a series of meetings with Chicago officials to try and save the stores.
“These stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years. 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.
The company had tried several strategies through the years to improve business performance at the locations, it said, including building smaller stores, offering more localized products and offerings services beyond traditional retails. “We have invested hundreds of millions of dollars in the city, including $70 million in the last couple years to upgrade our stores and build two new Walmart Health facilities and a Walmart Academy training center,” Walmart’s release said. “It was hoped that these investments would help improve our stores’ performance. Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing.
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