Walmart and Portland, Oregon don't mix.
Portland Business Journal reports that on Thursday, Portland city officials announced it will not be making any more investments in the world's largest retailer and that the first of the city's Walmart holdings had expired.
Oregon's KOIN reports that the investment pullback came after Portland leaders determined the mega-retailer is "not a socially responsible company." Portland had about $36 million invested in Walmart, or about 2.9 percent of the city's investment portfolio. The city announced Thursday that it would be free of all remaining holdings by 2016.
The move was preceded by Portland's adoption of socially responsible investment protocol in October 2013. Portland Commissioner Steve Novick has advocated ending involvement with Walmart based on the retailer's "controversial business and labor practices," according to KOIN.
Walmart is reportedly still intending to expand in the Portland area, but falling out of good graces with the City of Roses is just the latest blow to the corporate giant. Weak profits, worker protests, and a trend of divestment from companies that aren't seen as environmentally sustainable are among the challenges it faces going forward.
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