Layoffs are starting at one of the biggest retailers, but so far only Walmart corporate offices are being affected.
Walmart confirmed with CNN that it is “updating our structure and evolving select roles to provide clarity and better position the company for a strong future.”
The layoffs of about 200 people started this week, CNN reported. But when asked about exact numbers, the company did not disclose them to CNBC.
The Washington Post reported that the layoffs are a signal that both the job market and the economy are slowing down.
Anne Hatfield, a Walmart spokesperson, also would not say what specific divisions were being impacted but said that the company was hiring in some areas where it is growing, such as supply chain, e-commerce, health and wellness, and advertising sales.
The Wall Street Journal, which broke the story, said the merchandising, global technology and real-estate teams were seeing the job cuts.
The layoffs come a week after Walmart cut its profit outlook attributed to shoppers limiting their discretionary spending because of inflation, CNBC reported.
Several retailers, including competitor Target, have been feeling the effects of shoppers changing their habits, moving away from items that were popular during the pandemic, as well as finally getting products that have been delayed for months because of supply-chain issues, The Wall Street Journal reported.
Other large employers, such as Apple and Meta, are pausing hiring. Ford is planning to cut 8,000 jobs, while loanDepot is laying off 4,800 people this year, according to the Post.
Walmart had 1.6 million employees in the U.S., The Washington Post reported.
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