Walmart lays off 200 corporate employees amid rising inflation

by IANS |

San Francisco, Aug 4 (IANS) Retail giant Walmart has laid off at least 200 corporate employees as the economic downturn takes its toll on companies worldwide.

Walmart described the layoffs as a way to "better position the company for a strong future," reports The Wall Street Journal.

Walmart employs nearly 1.6 million workers in the US.

"We're updating our structure and evolving select roles to provide clarity and better position the company for a strong future," a company spokesperson said in a statement late on Wednesday.

At the same time, the company is "further investing in key areas like e-commerce, technology, health & wellness, supply chain, and advertising sales and creating new roles to support our growing number of services", the statement added.

The news of layoffs at Walmart came as after the company recently slashed its profit outlook due to inflation.

The global macro-economic condition, especially rising inflation, has hit other retail giants like Target and Best Buy too, who cut profit targets.

Amazon has also reduced its direct workforce by nearly 1 lakh, the largest sequential drop in its history, primarily at its fulfillment centres and distribution network.

According to Brian Olsavsky, Chief Financial Officer, Amazon plans to become more cautious in its hiring at its headquarters and other facilities going forward.

Amazon said that right now, it sees a stabilisation in the workforce.

Shopify and Robinhood have also announced layoffs while several Big Tech companies have frozen or slowed down the pace of hiring.

Latest News
Sensex crosses 74K mark in 1000 points rally Thu, Mar 28, 2024, 03:42 PM
Man stabbed to death during fight over drinking water Thu, Mar 28, 2024, 03:41 PM
Actor Mukesh, BJP candidate Ashwini file nominations in Kerala Thu, Mar 28, 2024, 03:22 PM
Gillespie resigns from his role as South Australia, Adelaide strikers' head coach Thu, Mar 28, 2024, 03:15 PM
'No scope for individuality in party', Karnataka DyCM Shivakumar warns warring leaders Thu, Mar 28, 2024, 03:10 PM
Ukrainian FM arrives in India to build on talks between PM Modi, Volodymyr Zelenskyy Thu, Mar 28, 2024, 03:02 PM
Political conspiracy, claims Kejriwal while being taken to Rouse Avenue Court Thu, Mar 28, 2024, 02:47 PM
NXP Semiconductors unveils industry-first platform for software-defined vehicles Thu, Mar 28, 2024, 02:41 PM
CM Vijayan & CPI(M) tread cautiously after ED case against Veena Vijayan Thu, Mar 28, 2024, 02:37 PM
IPL 2024: 'They opened for Australia...', says Ganguly on DC's opting for Warner, Marsh as opening pair vs PBKS Thu, Mar 28, 2024, 02:28 PM
India's trade policy is calibrated with economic growth path: Piyush Goyal Thu, Mar 28, 2024, 02:17 PM
Holi brings cheer to UP excise dept as sales soar Thu, Mar 28, 2024, 02:11 PM
Punjab CM Bhagwant Mann blessed with baby girl Thu, Mar 28, 2024, 02:10 PM
New AI tool can predict fatal heart rhythm with 80 pc accuracy Thu, Mar 28, 2024, 12:41 PM
IPL 2024: 'Perplexed, beyond my understanding', Smith, Pathan slam Hardik's tactics of using Bumrah vs SRH Thu, Mar 28, 2024, 12:27 PM