Walmart says it will cut thousands of jobs as layoffs hit Walmart, Best Buy

The U.S. retailer Walmart said on Thursday that it would cut thousands, or more than 9 percent, of its workforce by the end of the year as the retailer grapples with a severe labor shortage.The company said that its workforce would fall from about 13,000 to 9,800 workers, a sharp drop from the current level…

Published by admin inSeptember 17, 2021
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The U.S. retailer Walmart said on Thursday that it would cut thousands, or more than 9 percent, of its workforce by the end of the year as the retailer grapples with a severe labor shortage.

The company said that its workforce would fall from about 13,000 to 9,800 workers, a sharp drop from the current level of about 14,000.

The decision to slash the workforce comes as the company struggles to find workers who can fill positions vacated by laid-off employees, a key factor in the retailer’s continued slide in the stock market.

Walmart, the world’s biggest retailer by sales, announced in March that it had been cutting nearly 8,000 jobs since 2015.

Its stock price has fallen more than 20 percent this year.

The retailer has also been shedding jobs at its brick-and-mortar stores, which have been hit hard by the downturn in sales and the recession.

WalMart said in March it would be closing roughly 10,000 of its retail stores and moving its corporate headquarters out of the U..

S., the largest U.K. departure in the country since the 1980s.

The announcement came after Walmart was ordered to pay nearly $6 billion to settle allegations of racial discrimination and wage theft at its supply chain.