Walmart lays off 200 corporate employees amid rising inflation

Walmart has laid off at least 200 corporate employees as the global economic downturn takes its toll on businesses. According to The Wall Street Journal, Walmart described the layoffs as a way to “better position the company for a strong future.” In the United States, Walmart employs nearly 1.6 million people.

“We are updating our structure and evolving select roles to provide clarity and better position the company for a strong future,” a company spokesperson said late Wednesday in a statement.

Simultaneously, the company is “further investing in key areas such as e-commerce, technology, health & wellness, supply chain, and advertising sales, as well as creating new roles to support our growing number of services,” according to the statement.

Walmart layoffs come after the company recently reduced its profit forecast due to inflation.

The global macroeconomic situation, particularly rising inflation, has also impacted other retail behemoths such as Target and Best Buy, which have cut profit targets.

Amazon has also reduced its direct workforce by nearly one lakh people, the largest sequential drop in the company’s history, primarily at its fulfilment centres and distribution network.

According to Amazon’s Chief Financial Officer, Brian Olsavsky, the company intends to be more selective in hiring at its headquarters and other facilities in the future.