Walmart will cut 200 corporate jobs

On Wednesday, a person familiar with the matter confirmed that Walmart is laying off 200 workers at the company, one week after the company cut its profit forecast, saying inflation is pressuring customers to make fewer purchases.

In a statement, company spokeswoman Ann Hatfield said Walmart is “working to modernize our structure and develop specific roles to provide clarity and better position the company for a strong future.” She added that the company is investing in other areas, including e-commerce and technology.

Corporate layoffs were first reported by The Wall Street Journal.

Walmart is the largest employer in the country, with approximately 1.6 million workers in the United States. The company alarmed investors on July 25 when it lowered its expectations for full-quarter and quarterly earnings guidance.

In the announcement, Walmart said American consumers are backing away from their purchases of general merchandise to focus on necessities like groceries. The company said it expects full-year operating profit to fall by as much as 13%, as the company has been forced to continue reducing unsold inventory.

This article originally appeared in the New York Times.

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