Retail giant Walmart will lay off roughly 200 corporate workers as inflations decimates its already thin profit margins. The layoffs come as consumer confidence dips and inflation reaches record highs.
According to The Hill
Higher food and fuel costs are “affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through the inventory,” the company wrote in a fiscal update last week.
The layoffs won’t affect front-line workers, the source told The Hill, and are part of a restructuring effort the company hopes will create new jobs over time.
“We’re updating our structure and evolving 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 ramping up investment in arenas such as e-commerce, advertising sales, and health and wellness.
The Wall Street Journal reported Wednesday that the corporate jobs affected include merchandising, global technology and real estate teams.