Walmart’s chief executive officer Michael Maples said the company is considering closing its U-S.
stores in the coming years.
Walmart’s decision to stop offering U.s. retail sales to foreign buyers is not a new one.
The company announced in November that it would no longer sell to foreign shoppers, even as it added more than 400 new U.$.
stores in 2017, a trend that is expected to continue.
Maples said that “we are looking at a number of factors, and some of those include the fact that we’re doing business in China, which has been a tremendous boon for us, as well as other regions in the world.
We are not going to have enough to go around.”
In 2017, Walmart’s U. s. retail store sales rose 10.5% compared with the same period last year.
As part of the decision, Maples and Walmart CEO Doug McMillon will be taking a hands-on role at the company’s international headquarters, where they will be able to address concerns about the business model that they have been trying to establish in recent years.
The decision to shutter its U.-s stores comes on the heels of other corporate decisions that have angered the U. and European governments.
Last month, the European Union fined Walmart €200 million ($237 million) for using the Irish tax haven of Ireland to avoid paying taxes in Europe.
In the same year, Walmart was hit with a $1 billion fine from the U and European Union over allegations that the retailer used an Ireland subsidiary to sell its wares.