Bentonville, Arkansas United States: Rising inflation and economic slowdown in the US have also led Walmart to cut back on inventory. Retail giant Walmart plans to lay off at least 200 employees, The Wall Street Journal reported.
Walmart said it plans to lay off employees from its Bentonville, Arkansas headquarters. Walmart says it is restructuring the company.
But in fact Walmart company’s profit is gradually decreasing, due to increase in cost of employees, wages, etc., Walmart company took this action.
In an interview with Reuters, Walmart spokeswoman Anne Hatfield said, “We’re making improvements to our infrastructure and management. Retrenchment is happening only in certain posts. This arrangement is for the long-term success of the company,” he said
Meanwhile, Walmart Retailer has invested in other sectors such as fashion, technology, healthcare, medicine and hospitality.
Rising inflation in the US is slowly pulling the US into recession. Due to this, layoffs in large corporates have continued for the past few months. In particular, Tesla, Netflix, and Coinbase Global have already made layoffs, while Google has reduced hiring.
As food and fuel prices in the U.S. rise, Walmart profits fall. Walmart is a private company with the largest number of employees in the United States. 23 lakh employees are working in this company. It is noteworthy that 17 lakh employees work in the United States alone