Bentonville, AR-based Walmart Inc. BB #:143789 is closing all its location in Portland, OR, reportedly for financial reasons.
Local news says the last two Portland stores will close March 24, and about 600 workers will be laid off.
“The decision to close these stores was made after a careful review of their overall performance. 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. After we decide to move forward, our focus is on our associates and their transition, which is the case here,” a spokesperson with Walmart told KPTV.
There will still be more than a dozen Walmart locations outside the city limits.
Portland has been experiencing high crime the past couple years, and other businesses have cited theft as the reason they’re leaving the city.
Walmart CEO Doug McMillon told CNBC in December that theft has been higher than historical levels, and Walmart works with local law enforcement to manage it. But if Walmart doesn’t get cooperation from local law enforcement, “prices will be higher, and/or stores will close.”
Last month, Walmart closed its last two pickup-only locations, one in suburban Chicago and one in Bentonville, along with several other underperforming locations.
