55.4 F
Fort Worth
Monday, November 23, 2020
Business Wal-Mart is said to be cutting hundreds of workers this month

Wal-Mart is said to be cutting hundreds of workers this month

Other News

JC Penney sees bankruptcy protection exit by Christmas

NEW YORK (AP) — J.C. Penney believes it will emerge from bankruptcy protection before Christmas under a new ownership agreement that would save tens...

Petalo, not Charmin: Virus brings Mexican toilet paper to US

By JOSEPH PISANI AP Retail Writer NEW YORK (AP) — Toilet paper is back on store shelves. But you may not recognize some of the...

Mall owners close to buying JC Penney out of bankruptcy

By ANNE D'INNOCENZIO AP Retail WriterNEW YORK (AP) — Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to...

At Home launches collection with Fort Worth connection

At Home Group Inc. (NYSE: HOME), The Home Décor Superstore, has debuted an exclusive collection with interior designer and influencer Grace Mitchell. The collaboration...

Wal-Mart Stores is making another round of job cuts as part of Chief Executive Officer Doug McMillon’s efforts to streamline operations, according to a person familiar with the situation.

The move will eliminate hundreds of positions this month, said the person, who asked not to be identified because the plan isn’t public. The Wall Street Journal previously reported on the layoffs, saying they would fall particularly hard on the human-resources department, which some executives feel should be outsourced.

Wal-Mart has been looking for ways to slim down its operations at a time of increasing e-commerce spending and rising wages for employees. In late 2015, Wal-Mart eliminated hundreds of headquarters positions, followed by a relocation of 7,000 back-office accounting positions that was announced in September. Wal-Mart employs about 2.3 million people worldwide.

“We need to manage expenses even better, which includes changing how we do work inside the company,” McMillon told investors in October. “We have a lot of conversations these days about priorities.”

The Bentonville, Arkansas-based company is coming off a third quarter marked by disappointing sales growth, though e-commerce orders did show signs of picking up. Wal-Mart reports its fiscal fourth-quarter results in February.

The stock was little changed in New York on Tuesday, trading at $68.56. It rose 13 percent last year.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

GM to recall 7M vehicles globally to replace Takata air bags

DETROIT (AP) — General Motors will recall about 7 million big pickup trucks and SUVs worldwide to replace potentially dangerous Takata air bag inflators. The...

Retailers brace as virus bears down on consumers and economy

WASHINGTON (AP) — LaTonya Story is every retailer’s worst fear. With the viral pandemic re-surging through the country and the economy under threat, Story has...

Fort Worth out of running for Space Command HQ, San Antonio still in

A Texas city could still host the U.S. Space Command headquarters, but it’s not going to be Fort Worth. The U.S. Air Force has narrowed...

E-commerce firm that acquired Pier 1, takes RadioShack assets

Look who is joining former Fort Worth home furnishing retailer Pier 1 Imports at e-commerce-focused business, Retail Ecommerce Ventures (REV): Fellow storied Fort Worth...

Leonard Green & Partners acquires majority stake in ECI

ECI Software Solutions, a leader in cloud-based business management software solutions for small and medium sized companies, announced Nov. 19 that Leonard Green &...