Walmart laying off 200 people in corporate positions
Walmart is laying off workers as the retailer faces tougher economic conditions for its growth, Axios has confirmed.
Why it matters: Corporate belt tightening is spreading from the tech sector to other areas of the economy.
Details: About 200 people will lose their jobs, according to the Wall Street Journal, which first reported the news. Departments impacted by the cuts include merchandising, global technology and real estate.
- The cuts come a week after the company reported a dimmer financial outlook for the rest of the year.
Yes, but: The company is adding jobs, too, spokesperson Anne Hatfield told Axios, though she would not confirm numbers or specifics.
- She said some employees will have the opportunity to move into different positions inside the company.
What they’re saying: “We’re updating our structure and evolving select roles to provide clarity and better position the company for a strong future,” Hatfield said in a statement to Axios.
- “At the same time, we’re further investing in key areas like e-commerce, technology, health and wellness, supply chain and advertising sales and creating new roles to support our growing number of services for our customers, suppliers and the business community.”
- All of the job additions and losses are corporate, Hatfield added.
The big picture: Inflation is eating away budgets and forcing people to choose their purchases more carefully.
- For retailers like Walmart and Target, that means customers are buying more necessities — namely food items — while high profit margin inventory such as clothing piles up and add to the company's costs.
Editor's note: This story has been updated with comment from Walmart.