Walmart To Close Half Of It's Chicago Stores

The AP is reporting that Walmart is shuttering four stores in Chicago, halving its locations in one of the nation's largest cities and adding to a growing list of closures in urban areas.

In a press release, Walmart attributed the closures in Chicago to a lack of profitability - the stores there have collectively lost money every year since the first one opened 17 years ago.

The stores being closed "lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years," the company said in a news release. "The remaining four Chicago stores continue to face the same business difficulties, but we think this decision gives us the best chance to help keep them open and serving the community."