Closing Time: Walmart To Shutter 23 Locations In The US, Four In Chicago

Walmart Inc (NYSE: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

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Photo: Courtesy Walmart