Updated Aug 3, 2022 - Economy

Walmart laying off 200 people in corporate positions

Customers outside a Walmart store in Torrance, California, US

Photo: Bing Guan/Bloomberg via Getty Images

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.

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.

Go deeper:

Editor's note: This story has been updated with comment from Walmart.

Go deeper