Retail giant Walmart announced Tuesday that it is closing down of its stores in the Chicago area because none of the stores have been profitable and “lose tens of millions of dollars” annually, according to a news release.
After about two decades of continual losses, Walmart said that it also invested “hundreds of millions” of dollars into the four locations, according to the release. However, that still hasn’t helped the firm turn a profit in the area, it said.
“The simplest explanation is that collectively our Chicago stores have not been profitable since we opened the first one nearly 17 years ago—these stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years,” the press release said. But Walmart said that after millions of dollars in investments and “many different strategies,” it has to cut its losses in the area….