Walmart Close All Stores in Portland amid Record-Breaking Retail Theft

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Walmart Set to Close All Stores in Portland amid Record-Breaking Retail Theft

Walmart announced its plan to close its final two locations in Portland, Ore., at the end of March following underwhelming financial results.

news.yahoo.com

Walmart announced its plan to close its final two locations in Portland, Ore., 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 according to KPTV. “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.

Companies shuttering stores in Portland has become increasingly common. Last year a clothing store, Raind PDX, shut down operations with the company specifically citing the cost of doing business in the wake of historic retail theft.

“Small businesses (and large) cannot sustain doing business, in our city’s current state. We have no protection, or recourse, against the criminal behavior that goes unpunished,” a letter posted on the company’s store read. “Our city is in peril.”

In a similar vein, Nike and Cracker Barrel locations closed in 2022 with companies citing similar reasons.

“We consider many factors, including current and projected financial performance, location, population, customer needs, and the proximity of other nearby stores when making these difficult decisions. Our focus right now is taking care of our associates during this transition and working with our customers to transition their pharmacy, and other, shopping needs to nearby stores,” a spokesperson told Fox News Digital.

In late February, Walmart announced a series of other closures across the United States including in Florida, Illinois, Arkansas, and Wisconsin.

 

[Hamartia Antidote]

2014

City of Portland no longer investing in Walmart​

looks like they got their wish..and more:

Portland is bleeding businesses, thanks to years of soft-on-crime policies - Washington Examiner

Residents in Portland, Oregon, have continued to learn the hard way that the soft-on-crime approach they permitted their leaders to institute has consequences as businesses continue to depart the city.Walmart is closing its last two locations in Portland just months after CEO Doug McMillon...

www.washingtonexaminer.com

Portland is bleeding businesses, thanks to years of soft-on-crime policies​

Residents in Portland, Oregon, have continued to learn the hard way that the soft-on-crime approach they permitted their leaders to institute has consequences as businesses continue to depart the city.

Walmart is closing its last two locations in Portland just months after CEO Doug McMillon warned that rampant thefts would lead the company to raise prices or close stores in some locations. Residents in the neighborhoods of those two locations will have to shop elsewhere, and 580 employees will also be affected by the closures.

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Portland business owners say they're fleeing city due to crime

Once hailed for its trendy art and food, The City of Roses has been in peril since 2020, largely due to efforts to defund police and lax bail reform laws that leave little to no deterrent for brazen criminals.

www.dailymail.co.uk

'It's a hollowed out shell': Portland business owners say they're fleeing crime-ridden Dem-led city en masse after it turned from the 'crown jewel of the West Coast' into criminal-run city​