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In a restructuring effort, Walmart Inc is cutting hundreds of corporate roles, reported The Wall Street Journal on 3 August.

Around 200 jobs are being cut, as the retailer notified employees in its Arkansas headquarters' Bentonville and other corporate offices of its restructuring move, which affects various departments including merchandising, global technology and real-estate teams, said the report.

A Walmart spokeswoman even confirmed that the firm was eliminating roles as the company updated its structure, but said that the company was also investing in other areas and creating some new roles.

ALSO READ: World’s richest family loses $13 billion in Walmart rout

"We're updating our structure and evolving select roles to provide clarity and better position the company for a strong future," Reuters quoted Walmart spokesperson Anne Hatfield as replying in an emailed statement.

The firm is also investing and creating jobs in eCommerce, technology, health & wellness sectors, she said.

Earlier last week, the US retailer slashed its profit forecast on account for surging prices for food and fuel, and cited that it needed price cuts to pare inventories.

As per details, consumers are no longer clamoring for apparel, home goods, appliances and kitchenware with prices for gasoline and food spiking in the United States and globally.

Not only Walmart, but firms like Tesla, Netflix, and Coinbase Global have also been cutting jobs and slowing hiring as global economic growth slows due to higher interest rates, inflation and an energy crisis in Europe.

With Reuters inputs. 

 

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