Walmart Cutting Hundreds of Corporate Jobs

Walmart is cutting hundreds of corporate jobs in areas including, among others, store planning and logistics, a media report says.
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Walmart  (WMT) - Get Report has cut hundreds of workers in its corporate office, as the company looks to cut costs, a media report says.

Workers in the Bentonville, Ark., company's store-planning, logistics and real estate departments were affected by this round of job cuts, which is expected to continue throughout the week, people familiar with the matter told Bloomberg.

The company's merchandising division could also see job reductions as in-store and online positions are merged, Bloomberg reported. 

Those staffers who were dismissed will be paid until the end of January, the end of Walmart's fiscal year.

The company told Bloomberg that it would "share additional information after we've completed our communication with associates." 

The news service reported that John Furner, head of Walmart's U.S. operations, was expected to address the restructuring in a statement to employees Thursday afternoon. 

Walmart is following the lead of other retailers who have eliminated corporate positions in recent weeks, with Victoria's Secret parent L Brands  (LB) - Get Report saying that it would cut 850 corporate jobs, about 15% of the staff. 

Macy's  (M) - Get Report last month said it was cutting 3,900 corporate and management jobs. 

Last week, Walmart said it was paying cash bonuses of up to $428 million to its store, club, distribution center and fulfillment center workers for their work during the coronavirus pandemic. 

The bonus totals $300 for full-time hourly workers and $150 for part-time hourly and temporary staff. Drivers, managers and assistant managers in all the above facilities plus health-and-wellness workers also will receive the award.

Walmart shares at last check were off 1% at $129.44.