Walmart is Pulling Out of One Major City Due to ‘Record-Breaking Retail Theft’


Walmart is pulling out of Portland after its CEO warned late last year that the stores might close if more wasn’t done to curb record-breaking retail theft there, according to multiple reports.

The retailer reportedly had two stores left in the city, but now those are slated to shutter at the end of March.

“We have nearly 5,000 stores across the U.S. and unfortunately some do not meet our financial expectations,” Walmart told Fox 12 in Oregon. “While our underlying business is strong, these specific stores haven’t performed as well as we hoped.”

This comes after Walmart CEO Doug McMillion complained late last year about the company being hit hard by retail theft.

“It’s higher than what it has historically been,” he told CNBC.

McMillion reportedly said then that if authorities in Oregon did not curb shoplifting prices would “be higher and/or stores will be closed.”

The store closings will reportedly result in the loss of around 600 jobs.

While the company is pulling out of Portland completely, the Oregon city won’t be the only one losing locations. Walmart also recently announced it was closing several stores across Florida, Illinois, Arkansas and Wisconsin.

Walmart is not the first retailer to pull out of Portland, though. According to reports, Raind PDX, a clothing retailer, left Portland last year citing retail theft, criminal behavior and “escalating safety issues for employees.”

“Small business (and large) cannot sustain doing business in our city’s current state,” that retailer reportedly wrote in a letter. “We have no protection, or recourse, against the criminal behavior that goes unpunished.

“Our city is in peril.”

Source Pennlive