Walmart to cut 200 corporate jobs

walmart is laying off 200 corporate workers, a person briefed on the matter confirmed on Wednesday, a week after the company cut its earnings outlook, saying inflation is forcing customers to make fewer purchases.

In a statement Ann Hatfield, a spokesman for the company, said Walmart is “upgrading our structure and evolving individual roles to bring clarity and better position the company for a strong future.” She added that the company is investing in other areas, including e-commerce and technology.

Corporate layoffs were first reported by The Wall Street Journal.

Walmart is the largest employer in the country, employing nearly 1.6 million people in the US. The company spooked investors on July 25 when it cut its quarterly and full-year earnings guidance.

In this announcement, Walmart said American consumers are moving away from general merchandise purchases to focus on essentials like groceries. The company said it expects full-year operating profit to fall as much as 13% as the company was forced to continue to write down inventories that weren’t selling.

This article originally appeared in
New York Times.

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