Walmart puts hundreds of workers in companies

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Hundreds of corporate roles are being cut in a bid to restructure, according to people familiar with the matter, a week later Retail giant warns of falling profits.

The retailer has begun notifying employees in Bentonville, Ark, the headquarters and other company offices of the restructuring, which affects various departments including the merchandising, global technology and real estate teams, the people said. One of those people said about 200 jobs were cut in total.

A Walmart spokeswoman confirmed that some roles have been eliminated as the company modernizes its structure, but said the company is also investing in other areas and creating some new roles.

Last week, Walmart warned that its earnings will fall in the current quarter and fiscal year because it has had to cut back on apparel and other merchandise it has accumulated in its stores. The retailer said rising food and fuel prices caused this US shoppers to undo other categories that generates more profit.

Walmart was one of many retailers that surprised shoppers this spring Diverted their spending away One of the products that were in high demand throughout the pandemic. In addition, some products arrived late due to crises in the supply chain, causing an oversupply as shoppers’ interest waned.

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It issued an earnings warning in June after it reported quarterly results that, like Walmart, showed a rise in inventory levels. last week,

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Reducing sales and profit targets, saying consumers I have given up on electronics.

Walmart is the largest private employer in the United States, and while many of its workers work hourly, it has thousands of people in corporate roles. Walmart employs 2.3 million worldwide, including 1.7 million in the United States, as of January 31.

While the US job market has been strong overall, a handful of other major employers are pulling back from hiring or eliminating some jobs.

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Bring To cut thousands of white-collar workerswhile tech giants like

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Investors will get another update on the health of the US labor market on Friday when the government releases data for July. Economists polled by the Wall Street Journal believe Friday’s jobs report will show that they added more than 250 thousand in July, compared to 372 thousand in June.

This is an evolving story and will be updated.

write to Sarah Nassauer at [email protected]

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