Retail giant Walmart has laid off at least 200 corporate employees. The economic slowdown is taking its toll on companies around the world. According to the Wall Street Journal report, Walmart has described the layoffs as “a better position of the company for a stronger future”.
Walmart Employs About 1.6 Million Employees in the US
“We are updating our structure and developing select roles to better position the company for a stronger future,” a company spokesperson said in a statement late Wednesday.
“The company is investing in key areas such as e-commerce, technology, health and wellness, supply chain and advertising sales and creating new roles to support our growing services,” the statement said.
The News of the Layoffs At Walmart Comes After the Company Recently Downgraded Its Profit outlook Due to Inflation
The global macro-economic situation, especially rising inflation, has also affected other retail giants such as Target and Best Buy, which have cut profit targets.
Amazon has also reduced its workforce by about 1 lakh, which is the biggest gradual decline in its history, mainly at its fulfillment centers and distribution network.
Amazon plans to be more cautious on its work in moving its headquarters and other facilities forward, according to Brian Olsavsky, chief financial officer.
Amazon Said That Right Now, It Sees A Stabilization in the Workforce.
Shopify and Robinhood have also announced layoffs, while several Big Tech companies have halted or slowed down hiring.