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Walmart Closes 4 Chicago Stores, Blaming Annual Losses Of Millions

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Walmart Closes 4 Chicago Stores, Blaming Annual Losses Of Millions

(CTN News) – It was announced Tuesday that Walmart plans to close four of its Chicago stores because they are part of a group that has lost tens of millions of dollars every year as a result of their location.

Walmart has announced that the Chatham Supercenter, the Health center, and the Walmart Academy, all of which are located at 8431 S. Stewart Ave., and the Kenwood Neighborhood Market is located at 4720 S. Cottage Grove Ave., the Lakeview Neighborhood Market which is located at 2844 N. Broadway St., and the Little Village Neighborhood Market which is located at 2551 West It is important to keep in mind that this upcoming Sunday will see the closing of Cermak Road.

Walmart said in a statement that the most straightforward explanation of the situation is that, together with our Chicago stores, we have not been profitable since we opened the first one nearly 17 years ago — these stores have lost tens of millions of dollars each year and have nearly doubled their losses in the last five years.

We believe that this decision gives us the best chance of helping to keep the remaining four Chicago stores open to serve the community and to keep them open for the foreseeable future.” the statement read.

There is a statement from Walmart, which states that “over the years, we have tried a number of different strategies to improve the performance of these stores, such as building smaller stores, localizing product assortments, and offering services beyond what you would normally find in a traditional retailer.

There has been an investment of hundreds of millions of dollars in the city, including more than 70 million in the last few years to upgrade our stores and build two new Health facilities as well as a Academy training center, according to Walmart.

There had been hope that these investments would improve the performance of stores, according to a press release from, but “Unfortunately, these efforts have not been able to materially improve the fundamental business challenges we are facing at this time.”.

In the near future, Walmart stores that are set to close will be able to offer transfers for their employees to work at other Walmart stores.

A team of hiring managers from nearby facilities will be on hand in each of these stores this week to help associates find their next job opportunity, according to Walmart.

According to the company, it hopes to repurpose the buildings it is leaving behind so that they can continue to serve as important parts of the communities that they are located in.

If the affected employees don’t transfer out to another store by August 11, 2023, they will still be paid until that date.

According to Walmart, severance benefits will be provided to those who are eligible after that date.

SEE ALSO:

Biogen Cuts An Unspecified Number Of Employees In Another Round Of Layoffs

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