- A week after issuing a profit warning, the retail giant Walmart Inc. (NYSE:WMT) is slashing hundreds of corporate roles in a restructuring effort, reported Wall Street Journal, citing people familiar with the matter.
- Related: Walmart Issues Profit Warning, But These 6 Analysts Remain Optimistic On The Retail Giant
- The restructuring, which impacts several departments, including merchandising, global technology, and real-estate teams, was disclosed to staff at the company’s Bentonville, Ark headquarters, and other corporate locations, WSJ noted.
- One of the sources stated that a total of 200 positions are being terminated, according to the WSJ.
- Also read: Walmart Has Had 1987 Black Monday Flashbacks 11 Times So Far: Here’s What Happened Next
- A Walmart spokeswoman confirmed that roles were being eliminated as the company updated its structure but said that the company was also investing in other areas and creating some new roles.
- Price Action: WMT shares are trading lower by 0.60% at $129.72 during the post-market session on Wednesday.
- Photo via Wikimedia Commons
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