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Walmart Cuts Corporate Jobs To Save Costs After Recent Profit Warning: Report

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  • 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.

  • RelatedWalmart 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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