8/3/2022, 10:59 PM (Source: TeleTrader)
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Walmart to fire hundreds of corporate employees - report

Walmart Inc. intends to lay off hundreds of its corporate employees as part of the streamlining strategy, the Wall Street Journal cited sources familiar with the matter on Wednesday.

The American retail giant is rumored to have told staff members of the restructuring plan at its Bentonville headquarters, located in the state of Arkansas, as well as other corporate offices. This reorganization plan will reportedly hinder the marketing, technology, and real estate teams. However, the retailer's spokesperson disclosed that the business was making investments in other sectors and adding new jobs.

Last week, Walmart revised down its profit forecast for the second quarter of fiscal 2023. Following the news, the company's shares dropped by 0.61% in the after-hours trading.

Baha Breaking News (BBN) / AB