Walmart Layoffs: 200 Corporate Employees Are Fired by a Retail Giant Due to Rising Inflation
4 August, San Francisco: Walmart, a major retailer, has let go of at least 200 corporate workers as the global economic crisis has a negative impact on businesses.
According to The Wall Street Journal, Walmart cited the layoffs as a strategy to “better prepare the organisation for a prosperous future.” Startup Layoffs: US, India, and 20K Employees Lose Jobs Worldwide
In the US, Walmart employs close to 1.6 million people.
A business spokeswoman said in a statement released late on Wednesday that “we are altering our structure and developing certain positions to create clarity and better position the firm for a great future.”
The company is also “further investing in critical areas including e-commerce, technology, health & wellness, supply chain, and advertising sales and creating new roles to support our growing number of services,” the statement continued.
The news of Walmart’s layoffs comes after the business recently reduced its earnings outlook owing to inflation.
Other retail behemoths like Target and Best Buy have also slashed profit projections as a result of the global macroeconomic situation, particularly growing inflation.
Additionally, Amazon has reduced its direct personnel by around 1 lakh, the highest sequential decline in its history. This reduction was mostly at its fulfilment centres and distribution network.
AAccording to Chief Financial Officer Brian Olsavsky, Amazon intends to be more selective in the future when hiring for its headquarters and other locations.
Amazon said that the workforce has stabilised as of late.
In addition to Shopify and Robinhood, several Big Tech businesses have halted or paused the hiring process.
The “Great Regret” has also prompted large companies to reassess pandemic-era expansion, in the face of growing economic uncertainty. McMillon had claimed that Walmart overhired during the outbreak.
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Walmart Layoffs news
Insider’s request for comment was not immediately answered by Walmart. However, business spokesperson Anne Hatfield said in a statement to CNBC that the layoffs are intended to “better position the firm for a robust future.”
“Customers are evolving as well. Customers are evolving, “she added. To ensure our alignment, we are reorganising.
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