This article was originally published on Starandstyle.com
Despite a post-2020 recovery attempt, businesses globally, from local eateries to global giants, have been grappling with challenges, leading to noticeable closures. These shutdowns, capturing media attention, highlight the ongoing struggle within the business world. We’re bringing you a closer look at which establishments, from your go-to fast food joints to giants like Walmart, are expected to downsize or shutter in 2023 and 2024. Dive into our article to discover if your favorite shops or dining spots made the list.
1. Walmart
How Many Stores Closing: 22
Current Value of the Business: $432.6 billion*
A recent Business Insider report claims Walmart is set to shutter twenty-two of its stores across the United States in 2023. Notable closures include four in Chicago and one in Richmond, Virginia, among others nationwide.
Walmart states the impending closures are attributed to the stores’ lackluster performance. Historically, the company closes stores failing to meet financial expectations. Specifically, the four Chicago locations are closing due to annual losses running into the tens of millions.