Walmart Lays Off Hundreds of Corporate Workers

Walmart Inc. WMT -1.64%▼ is cutting hundreds of corporate roles in a restructuring effort, according to people familiar with the matter

a week after the retail giant warned of falling profits.

The retailer began notifying employees in its Bentonville, Ark., headquarters and other corporate offices of the restructuring

which affects various departments including merchandising, global technology and real-estate teams

the people said. Around 200 jobs in total are being cut, said one of these people.

A Walmart spokeswoman confirmed that there were roles being eliminated as the company updated its structure

but said that the company was also investing in other areas and creating some new roles.

Last week, Walmart warned that its profit would decline in the current quarter and fiscal year because it was having to mark down apparel and other merchandise that has piled up in its stores.

The retailer said higher prices for food and fuel were causing U.S. shoppers to pull back on other categories that are more profitable for it.

Walmart was one of several retailers that was caught off guard this spring as shoppers shifted their spending away from products that have been in high demand throughout much of the pandemic.