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Walmart Announces Mass Layoff, Aims to Protect its Profits and Cut Costs

Warnact.com reports that Walmart (Ticker: WMT) has just announced that it’s going to cut about 1,000 jobs throughout its headquarters and regional offices, and the official reason is to protect shareholder profits and cut costs.

The major retail giant stated that it would be cutting most of these jobs before January 31, 2017 – the end of its current fiscal year. Most of these jobs will be coming from the Human Resource department. The discount retailing giant will cut most those of jobs before January 31, the end of its current fiscal year. According to The Wall Street Journal a good chunk of the job cuts will be in Walmart’s human resource department at headquarters and in regional offices, rather than stores, given belief among some top executives that such functions can be filled by consultants, according to the report.

“As we’ve previously shared, we are always looking for ways to operate more efficiently and effectively,” Wal-Mart Stores spokesman Greg Hitt said in statement. “While we continually look at our corporate structure, we have not made any announcements.”

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