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Companies including Tesla Inc, Netflix Inc and Coinbase Global Inc are also cutting jobs due to sluggish economic growth
Walmart Inc is eliminating hundreds of company roles as part of a restructuring effort, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
About 200 jobs are being cut, the WSJ reported, adding that the retailer has notified employees at its Bentonville, Arkansas, and other corporate offices of its restructuring move.
Several companies, including Tesla Inc, Netflix Inc and Coinbase Global Inc, are also cutting jobs and slowing hiring as global economic growth slows due to higher interest rates, inflation and the energy crisis in Europe.
“We are updating our structure and developing select roles to provide clarity and better position the company for a strong future,” Walmart spokeswoman Anne Hatfield told Reuters in an emailed statement.
The company is also investing and creating jobs in eCommerce, technology, health and wellness, she said.
The US retailer cut its profit forecast last week due to rising food and fuel prices, citing the need to cut prices to reduce inventories.
With gasoline and food prices rising, consumers are no longer clamoring for clothing, housewares, appliances and cookware, and retailers are burdened with mountains of inventory.