Walmart cuts tons of of company jobs after warning of falling earnings

Retail giant Walmart is laying off about 200 corporate workers, a source familiar with the matter told The Hill on Wednesday, a week after it reported that inflation was affecting its overall profits.

The layoffs come as reductions in consumer confidence and inflation reaches record highs.

Higher food and fuel costs are “affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through inventory,” the company wrote in a statement. fiscal update last week.

The layoffs will not affect front-line workers, the source told The Hill, and are part of a restructuring effort that the company hopes will create new jobs over time.

“We are updating our structure and developing select roles to provide clarity and better position the company for a strong future,” a Walmart spokesperson told The Hill on Wednesday, adding that the company is increasing investment in locations such as e-commerce, advertising sales, and health and wellness.

The Wall Street Journal reported on Wednesday affected corporate positions include merchandising, global technology and real estate teams.

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