“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 said.
The Wall Street Journal reported on Wednesday that Walmart Inc. is restructuring its organizational structure and cutting hundreds of corporate roles.
According to the WSJ, 200 jobs will be lost. It also stated that the retailer notified employees at its corporate offices and headquarters in Bentonville, Arkansas, of its reorganization plan.
As global economic growth slows due to increasing interest rates, inflation, and a European energy crisis, some companies, including Tesla Inc, Netflix Inc, and Coinbase Global Inc, have also started laying off employees and delaying hiring.
The company is making investments and adding employees in the technology, health, and wellness, as well as eCommerce industries, she added.
In response to rising food and gasoline prices, the American retailer last week lowered its profit forecast, claiming that price reductions were necessary to reduce stocks.
Consumer spending for clothing, home goods, appliances, and kitchenware has reduced due to rising food and gasoline prices, leaving businesses with mountains of unsold inventory.