- 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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