Latest News by Industry
Walmart Inc (NYSE: WMT) is cutting around 200 corporate roles in a restructuring effort, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The retail giant has notified employees in its Bentonville, Arkansas headquarters and other corporate offices of its restructuring move, a source told WSJ.
Several companies, including Tesla, Netflix, and Coinbase, have also been cutting jobs as global economic growth slows due to higher interest rates, inflation and an energy crisis in Europe.
"We're updating our structure and evolving select roles to provide clarity and better position the company for a strong future," Walmart spokesperson Anne Hatfield told Reuters in an emailed statement.
The company is also investing and creating jobs in eCommerce, technology, health & wellness sectors, Hatfield told Reuters.
Last week, the US retailer slashed its profit forecast for surging prices for food and fuel, citing that it needed price cuts to pare inventories.
Picture Credit: BBC
ALSO READ: