Walmart Lays off Corporate Workers After Slashed Profit Prediction

August 05, 2022 By Awanish Kumar

(Image Credit Google)

Walmart has started laying off corporate workers, the retail giant confirmed on Wednesday, about a week after it predicted slashed profit margins and warned that consumers had pulled back on discretionary expenses owing to inflation. In a statement to CNBC, the company described the layoffs as a way to “better position the company for a strong future.” Anne Hatfield, a Walmart spokesperson, refused to comment on how many workers will be affected and what departments have experienced job cuts. She said Walmart is still hiring in key business areas that are growing, including supply chain, e-commerce, health and wellness, and advertising sales. corporate walmart

However, a different report revealed that the company is laying off about 200 corporate workers in light of the reduced profit warning amid high fuel and food prices. Walmart, the largest US retailer, also warned that it expects a slowdown in customer spending for general merchandise for the second half of the year. Walmart is the largest employer in the country, with nearly 1.6 million workers in the U.S. The retail giant added it would have to cut prices to sell more of those items, especially as a glut of inventory piled up in its stores and at those of competitors such as Target and Bed Bath & Beyond.

By Awanish Kumar

I keep abreast of the latest technological developments to bring you unfiltered information about gadgets.

Walmart Lays off Corporate Workers After Slashed Profit Prediction

Walmart's GenAI Search Engine: Challenging Google's Dominance in Retail Search

Introducing the MSI Claw Handheld: Your Ultimate Gaming Companion

Uber Increases In-App Ads, Prompting Mixed Reactions from Customers

Apple's iOS 18: A Leap into the AI Era

Google's Regular Pixel 8 Won't Get Gemini Nano AI

MacBook Air M3 Makes Amends for M2's Storage Blunder

Samsung Unveils the Galaxy M15 5G

Elon Musk's xAI to Open-Source Chatbot Grok

Contra: Operation Galuga - A Modern Run-and-Gun Classic

Musk Confirms X's TV App Arrives This Week

Xiaomi Begins Pre-Sale Event for its New 1 HP Roufeng Air Conditioner

Apple to lay off company retail employees as it finally concedes to the effects of a stagnating economy

China won't stand by and watch while the United States takes its TikTok away.

Rolls Royce’s nuclear power Moon project gets funds from the U.K.

Nintendo Won't Be Present At The Upcoming E3 2023 Convention

The largest "green" data center in the world opens at the world's largest single-site solar park