Retail giant Walmart is laying off about 200 corporate employees, a source familiar with the situation told The Hill on Wednesday, a week after it said inflation was hurting its overall earnings.
The cuts come as consumer confidence plummets and inflation hits record highs.
Higher food and fuel costs “affect customers’ ability to spend on general merchandise categories and require more discounts to move through inventory,” the company wrote in a fiscal update last week.
The layoffs will not affect frontline workers, the source told The Hill, and are part of a restructuring effort that the company hopes will create new jobs over time.
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“We are updating our structure and developing select roles to provide clarity and better position the company for a strong future,” a Walmart spokesperson told The Hill on Wednesday, adding that the company is increasing investments in arenas such as e-commerce, advertising sales and health and wellness.
The Wall Street Journal reported Wednesday that corporate jobs affected include merchandising, global technology and real estate teams.
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