A second round of store closings was just announced, and the company is saying that half of its stores in one major U.S. city will be permanently shut down because they are losing tens of millions of dollars every year.
Many locations are underperforming right now as shoppers complain about double-digit price increases at Walmart and turn to other retailers for "Greater" value.
For several quarters now, Walmart is losing sales and losing shoppers.
As previously reported by GOBankingRates, a study from the value investing site ValueWalk found that Walmart grocery prices climbed by 21.5% over the past 12 months.
According to Walmart CFO John David Rainey, shoppers will have to prepare themselves for another year of price increases.
The retailer confirmed it will lay off thousands of store employees and hundreds of hundreds of workers at five fulfillment centers across the US. More worryingly, Walmart is permanently shuttering half of its stores in the city of Chicago.
So any trends we're seeing in Walmart will likely be reflected in your local grocery store as well.
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