A large chunk of their corporate deadweight has needed to go for a long time. They do stupid things from Bentonville which predictably damage the profitability of local stores and then are never held accountable.
As for the store closings, a lot of areas are overbuilt.
I once worked for a large corp. We learned that “overhead” has a natural tendency to grow - all of the time. We needed about a 10% cut in overhead every 5 years or so just to stay competitive. If only our government new this . . .