US retailer Walmart has announced that it is to cut staff numbers by 2,300. The news underlines the performance of the US retail industry in recent times following an underwhelming holiday shopping season.
The Group announced that it would cut 2,300 jobs from it’s Sam’s Club division; this accounts for approximately 2% of Sam’s total workforce, and will be its biggest layoff since 2010.
Walmart said that the company was trying to rebalance its resources, and explained that the cuts would include pay-per-hour workers and assistant manager positions. As part of the restructuring, any employees who are unable to find new positions at Sam's Club or Walmart will then be eligible for severance pay.
The announcement follows a string of job cuts by big retail players such as Macy’s, Target, J.C. Penney, and Sears.
Shares at Walmart fell by 0.19% in after-hours actions after dropping 0.72 per cent during regular trading following the news.
