8.3 C
London
Saturday, February 4, 2023

Walmart lays off 200 company employees amid rising inflation

Must read

The Untold Truth About Tony Bennett’s Wife, Susan Crow (Wiki)

Who is Susan Crow?Susan Crow Benedetto is a former teacher, an entrepreneur and philanthropist, who rose to popularity after her marriage to 40-year-old senior...

Democrats make South Carolina the first presidential state to hold primaries

PHILADELPHIA — The Democratic National Committee on Saturday officially dethroned Iowa and New Hampshire from the status they've enjoyed for decades ahead of the...

YouTube Music contractors strike over alleged unfair labor practices • londonbusinessblog.com

A group of 40 YouTube Music employees went on strike on Friday. The striking workers, who are employed by Alphabet subcontractor Cognizant, allege...

Does usage-based pricing call for a new growth infrastructure stack? • londonbusinessblog.com

W welcome to the londonbusinessblog.com Exchange, a weekly newsletter for startups and markets. It is inspired by the daily londonbusinessblog.com+ column from which it...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Retail giant walmart has laid off at least 200 company employees as the economic downturn takes its toll on companies around the world.



Walmart described the layoffs as a way to “better position the company for a strong future,” reports The . Wall Street Journal.

Walmart has nearly 1.6 million employees in the US.

“We are updating our structure and evolving selected roles to provide clarity and better position the company for a strong future,” a company spokesperson said in a statement on Wednesday.

At the same time, the company is “continuing to invest in key areas such as e-commerce, technology, health and wellness, supply chain and advertising sales, and creating new roles to support our growing range of services,” the statement said.

The news of layoffs at Walmart came after the company recently cut its earnings outlook due to inflation.

The global macroeconomic situation, especially rising inflation, has hit other retail giants such as Target and also Best Buy, which lowered its profit targets.

Amazon has also reduced its direct workforce by nearly 1 lakh, the largest consecutive decline in its history, primarily in its fulfillment centers and distribution network.

According to Brian Olsavsky, Chief Financial Officer, Amazon plans to become more cautious about hiring staff at its headquarters and other facilities in the future.

Amazon said it is seeing a stabilization in its workforce at the moment.

Shopify and Robinhood have also announced layoffs, while several big tech companies have frozen or slowed the hiring pace.

ALSO SEE :

Digital radio could help broadcasting industry double its revenue to Rs 12,300 crore

Amazon Great Freedom Festival 2022 Sale: Best Kickstarter Deals Available Now

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

The Untold Truth About Tony Bennett’s Wife, Susan Crow (Wiki)

Who is Susan Crow?Susan Crow Benedetto is a former teacher, an entrepreneur and philanthropist, who rose to popularity after her marriage to 40-year-old senior...

Democrats make South Carolina the first presidential state to hold primaries

PHILADELPHIA — The Democratic National Committee on Saturday officially dethroned Iowa and New Hampshire from the status they've enjoyed for decades ahead of the...

YouTube Music contractors strike over alleged unfair labor practices • londonbusinessblog.com

A group of 40 YouTube Music employees went on strike on Friday. The striking workers, who are employed by Alphabet subcontractor Cognizant, allege...

Does usage-based pricing call for a new growth infrastructure stack? • londonbusinessblog.com

W welcome to the londonbusinessblog.com Exchange, a weekly newsletter for startups and markets. It is inspired by the daily londonbusinessblog.com+ column from which it...

Neil Perry- Wiki, age, height, net worth, girlfriend, ethnicity

Neil Perry Ia famous drummer. He is also known for his work on Lost Highway (1997), The Groomsmen (2006) and American Hardcore (2006)....