Walmart lays off hundreds of workers at e-commerce facilities
Publishing timestamp: 2023-03-23 15:28:46
Summary
Walmart is laying off hundreds of employees at e-commerce fulfillment centers across the country as the big-box giant and other retailers brace for a tougher year ahead. Walmart is shrinking its workforce as many retailers plan on roughly flat or declining sales due to inflation and a shift back to services taking a bite out of sales of goods, particularly after the Covid pandemic-fueled spending boom. Walmart's e-commerce rival, Amazon, announced 9,000 job cuts on Monday, following 18,000 layoffs in January. Another competitor, Target, plans to cut up to $3 billion in total costs over the next three years. Walmart anticipates slower sales growth and lower profits in the coming fiscal year.
Sentiment: NEGATIVE
Keywords: amazon.com inc, breaking news: business, walmart inc, layoffs, target corp, retail industry, business news, business,
Source: https://www.cnbc.com/2023/03/23/walmart-lays-off-hundreds-of-workers-at-e-commerce-facilities-.html