Walmart (WMT) , the country's largest private employer, plans to eliminate roughly 1,000 corporate jobs as it looks to boost its e-commerce business and trim costs.
The jobs, mainly in the human resources department, will be cut before Jan. 31, as a result of increased e-commerce spending and rising employee wages, an anonymous executive told the Wall Street Journal.
When contacted by TheStreet, Walmart declined in an email to comment on the job cuts but said the company has "not made any announcements" on its current corporate structure, adding "... we are always looking for ways to operate more efficiently and effectively."
The move comes after the Bentonville, Ark.-based company, which employs about 2.3 million worldwide, eliminated 7,000 positions in September.
Walmart's job cuts also come during an increasingly difficult period for retailers. Last Wednesday, Macy's (M) announced its plans to eliminate about 10,100 total positions as it moves to shutter 68 stores and restructure its operations, citing heightened e-commerce competition.
Macy's, Kohl's (KSS) and Sears Holdings (SHLD) are among several pressured retailers that experienced a decline in same-store sales this holiday season. Macy's and Kohl's comparable store sales each fell 2.1% year-over-year in November and December, while Sears' same-store sales dipped about 12%.
In a research note published Wednesday, Zacks' analysts reiterated the firm's "sell" rating on Walmart.
"Increased competition from traditional and online players and slowdown in international operations along with a strong dollar are hindering sales," the analysts said in their note.
In August, Walmart bought e-commerce retailer Jet.com for $3 billion in order to help boost its online sales game.
Shares of Walmart were up slightly to $68.34 in late afternoon trading Wednesday.
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