Zinger Key Points
- Closures include four stores in Chicago, totaling 23 across 12 states and D.C. Two 'pick-up only' sites also also closing.
- Walmart's closures also involve more than 2,000 job cuts at five U.S. e-commerce warehouses.
Walmart Inc WMT is bidding farewell to 23 retail locations across the U.S., citing poor financial performance.
Benzinga previously reported the Bentonville, Arkansas-based company was closing four stores in Chicago, though the total was brought to 23 across 12 states and Washington, D.C.
Apart from the retail locations, the company, which is the biggest employer in the world, said it is closing two unique “pick-up only” locations in Illinois and Arkansas, and said it was going to cut more than 2,000 jobs at five U.S. e-commerce warehouses.
The closures follow a multi-year trend, with specifics behind each store’s underperformance largely remaining under wraps.
Several factors potentially contribute to the closures including market saturation, shift towards remote work, the rise of online shopping and wage hikes impacting profit margins.
The company’s decision to increase minimum wages from $12 to $14 per hour could also be a factor.
This is what the analysts think about Walmart.
Here’s a breakdown of the Walmart store closures set for 2023:
Arkansas: 3701 SE Dodson Rd., Bentonville (Pick-up only concept)
Georgia: 1801 Howell Mill Rd. NW, Atlanta; 835 M.L.K. Jr Dr. NW, Atlanta
Florida: 6900 U.S. Highway 19 North, Pinellas Park (Neighborhood Market concept)
Hawaii: 1032 Fort Street Mall, Honolulu
Illinois: 17550 South Halsted St., Homewood; 12690 S. Route 59, Plainfield; 840 N. McCormick Blvd., Lincolnwood (Pick-up only concept); 1511 Camp Jackson Rd., Cahokia; 8431 S. Stewart Ave., Chicago; 4720 S. Cottage Grove Ave., Chicago; 2844 N. Broadway, Chicago; 2551 W. Cermak Rd., Chicago
Indiana: 3701 Portage Rd., South Bend
Kansas: 10303 Metcalf Ave., Overland Park
Minnesota: 1200 Shingle Creek Parkway, Brooklyn Center
New Mexico: 301 San Mateo Blvd. SE, Albuquerque
Oregon: 4200 82nd Ave. SE, Portland; 1123 N Hayden Meadows Dr., Portland
Texas: 24919 Westheimer Parkway, Katy (Neighborhood Market concept)
Washington: 11400 Hwy. 99, Everett
Washington, D.C.: 99 H St. NW, Washington
Wisconsin: 10330 W. Silver Spring Dr., Milwaukee
Read Next: Lululemon Stock Draws Praise From Analysts After Q1 Results: ‘Ample Runway For Growth’
Photo: Courtesy Walmart
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
