Walmart has decided to close four unprofitable stores in Chicago. The retailer noted that since entering the market, eight stores have never turned a profit. Walmart’s losses in Chicago have nearly doubled over the past five years and are estimated at “tens of millions of dollars a year.”
The four stores showing the weakest financial results will close on April 16. They are supermarkets in Kenwood, Lakeview, Little Village and Chatham.
“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,” the company said in a release.
The company said employees at the four stores affected by the closures will be able to move to other locations and keep their paychecks until Aug. 11. The other four supermarkets in Chicago will continue to operate for now.
As of Feb. 1, 2023, Walmart operated more than 5,300 stores in the United States, including supercenters, discount stores, Sam’s Clubs and small-format stores. In March, it was revealed that the retailer plans to close about a dozen retail locations.
