Look for news this morning on layoffs in the executive offices at Walmart headquarters in Bentonville. Media reports have varied on the number, with the Wall Street Journal predicting fewer than 500 job cuts.
Such cuts are a big cumulative blow and devastating to those affected, but only a small percentage of the 18,600 who work in the Bentonville headquarters of the retailer. An earnings decline from increasing competition, particularly from on-line retailers, is blamed.
UPDATE: 40/29 says Walmart has announced 450 will lose jobs, across the spectrum of operations.
ABC posted this statement:
“Our customers are changing. Retail is changing and we must change,” Wal-Mart’s CEO Doug McMillon wrote in a memo to employees Friday. “We need to become a more agile company that can easily adapt to shifting customer demand.”