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PORTLAND — Walmart announced its plan to close its final two locations here, at the end of March following underwhelming financial results.
“We have nearly 5,000 stores across the U.S. and unfortunately some do not meet our financial expectations,” the corporation said in a statement. “While our underlying business is strong, these specific stores haven’t performed as well as we hoped.”
The closures, which will result in nearly 600 employees being laid off, come after a statement by Walmart CEO Doug McMillion in December 2022 noting that record-breaking retail theft had undercut the company’s economic performance of late.
“Theft is an issue. It’s higher than what it has historically been,” McMillon told CNBC. Prices “will be higher and/or stores will close,” the executive added if Oregon authorities failed to address rampant shoplifting.
