BREAKING NEWS: Walmart closing 4 Chicago stores, blaming millions in annual losses
"It was hoped that these investments would help improve our stores’ performance," Walmart said in press release, but "Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing." Those employed by the stores that are soon set to close are now eligible to transfer to work at other Walmart locations.
An employee unpacks Black Friday sales merchandise in an aisle at a Walmart location in Chicago, Illinois, , on Wednesday, Nov. 25, 2015. Walmart said Tuesday its stores in the city, collectively, haven't been profitable. "Hiring managers from surrounding facilities will be in each of these stores this week to help associates begin finding their next opportunity," according to Walmart.
The company said it hopes to repurpose the buildings it’s leaving behind so they remain "important parts of their communities." After that date, Walmart said those eligible will receive severance benefits. Walmart said it has tried different strategies to improve the business performance of its Chicago stores, but"these efforts have not materially improved the fundamental business challenges our stores are facing."FOX Business has reached out to Walmart and the Chicagoland Chamber of Commerce for further comment.
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