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Retail giant Walmart is letting go over 2,000 workers at five US warehouses. The employees work at warehouses that fulfill Walmart website orders in four locations.
Walmart is the latest major corporation to join the trend of laying off employees as the economic slowdown continues. According to reports, Walmart is cutting over 1,000 jobs in Texas, 600 jobs in Pennsylvania, 400 in Florida, and 200 in New Jersey.
Reuters reported last month that the retail giant served notices to hundreds of employees working in the e-commerce fulfillment centers to look for opportunities at the company’s other locations. The employees are being let go because of the reduction and elimination of evening and weekend shifts.
Walmart expects tougher times ahead with slower sales and lower margins. Typically, the retail giant $12 to $14 per hour, which is higher than some of the competition. Many economists expect the U.S. economy to enter the recession phase, which will take a toll on businesses. Walmart feels that the current conditions are putting extra pressure on the end consumer.
“The consumer is still very pressured,” Walmart CFO John Rainey said in an interview with CNBC in February. “And if you look at economic indicators, balance sheets are running thinner, and savings rates are declining relative to previous periods. And so that’s why we take a pretty cautious outlook on the rest of the year.”
Several companies in the retail segment have reduced their workforce, including Amazon. According to some estimates, nearly 18,000 jobs have been cut in the retail center during 2023. The job cuts are mainly due to a slowdown in sales post-Covid. Many of the employees being let go were employed to counter the increased demand for online orders during the peak of the coronavirus. With sales slowing down, downsizing is almost a natural reaction from these companies.
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