Companies including Tesla Inc., Netflix Inc. and Coinbase Global Inc. are also cutting jobs due to slow economic growth.
Companies including Tesla Inc., Netflix Inc. and Coinbase Global Inc. are also cutting jobs due to slow economic growth.
Walmart Inc. is cutting hundreds of corporate roles in a restructuring effort, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
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About 200 jobs are being cut, the WSJ said, after the retailer informed employees at its Bentonville, Arkansas headquarters and other corporate offices of its restructuring move.
Several companies including Tesla Inc, Netflix Inc and Coinbase Global Inc are also cutting jobs and slowing hiring as global economic growth slows due to high interest rates, inflation and the energy crisis in Europe.
“We are updating our structure and developing select roles to provide clarity and better position the company for a stronger future,” Walmart spokeswoman Anne Hatfield told Reuters in an emailed statement.
He added that the company is also investing in eCommerce, technology, health and wellness sectors and creating jobs.
The US retailer last week lowered its profit forecast due to rising food and fuel prices, saying it needed to cut prices to reduce inventory.
With the rise in the prices of gasoline and food items, consumers are no longer scrambling for mountains of inventory for apparel, home goods, appliances and kitchenware, retailers.