Walmart is letting go of more than 200 corporate employees because of worries about inflation and falling customer spending.
The Wall Street Journal was the first to report that the Arkansas-based chain, which is the largest private employer in the United States, was letting people go.
Walmart told the Journal that some jobs were being cut as part of reorganizing the company, but that other jobs would be created elsewhere.
Anne Hatfield, a spokesperson for Walmart, told CNBC that the company is still hiring in the supply chain, e-commerce, health and wellness, and advertising sales, among other areas.
“Changing shopping habits. She told him that customers are changing. “We’re making some changes to make sure we’re all on the same page.”
Walmart said last week that it was cutting the prices of clothes and other items to get rid of its overstocked stock.
In a statement, the company said that rising prices for fuel and food were making it harder for customers to spend money on things like clothes.
This meant that the company had to lower prices, even more, to “account for certain supply chain costs and inflation and reduce storage costs caused by a backlog of shipping containers.”
Walmart told its shareholders that their earnings per share would drop by 8–9 percent in the second quarter and by 11–13 percent in FY 2023.
It will tell us how it did in the second quarter on August 16.
About 2.3 million people work for Walmart around the world, including 1.6 million in the U.S.Visit TheActiveNews.Com if you want to read more news like this.