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BENTONVILLE, Ark. — Walmart plans to lay off hundreds of employees at its corporate headquarters as the company pares operating costs, The Wall Street Journal reported, citing people familiar with the situation.
Walmart plans to lay off hundreds of employees at its corporate headquarters as the company pares operating costs, The Wall Street Journal reported, citing people familiar with the situation.
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The layoffs are expected to affect fewer than 500 employees and could begin as early as October 2 and continue through the fiscal quarter ending October 31.
Rumors of corporate layoffs at Walmart and Sam’s Club offices here have percolated since June, when Doug McMillon, Walmart’s chief executive officer, told analysts he thought the company’s corporate structure had become too bureaucratic.
More than 18,000 employees work at the Bentonville offices.
The last time Walmart made large corporate cutbacks was in early 2009, when more than 700 salaried workers were laid off with severance pay.
Walmart in August reported adjusted quarterly earnings of $1.08, four cents shy of analysts’ estimates. The company also lowered its outlook for the fiscal year, saying it expects earnings per share of between $4.40 and $4.70, down from the previous estimate of $4.70 to $5.05.
