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AssetID: 51852451

Headline: UNCAPTIONED: Walmart Announces Layoffs of Corporate Employees

Caption: Walmart Announces Layoffs of Corporate Employees. The layoffs by the retail giant were first reported by 'The Wall Street Journal' on Aug. 3. Nearly 200 corporate Walmart employees will be affected. A Walmart spokesperson confirmed the layoffs in a statement. "[Walmart is] updating our structure and evolving select roles to provide clarity and better position the company for a strong future.", Walmart Spokesperson, via CNN. The spokesperson also stated the restructuring would lead to the creation of new roles. The announcement comes days after Walmart warned that its quarterly and fiscal year profits would likely decline. Such a warning is rare for Walmart. The retail giant has begun marking down prices of clothes and other items due to an increase in merchandise. While the American job market remains strong, consumer behavior has shifted in recent months, in step with the shifting pandemic and rising inflation. Walmart is only one of several retailers that have reported declining sales. Both Target and Best Buy have either issued profit warnings or slashed sales and profit goals. Walmart's corporate headquarters are located in Bentonville, AR. The company is the largest private employer in the U.S. employing close to 1.6 million people. FOR USE IN ENTIRETY ONLY

Keywords: Walmart,layoffs,announced,corporate,employees,workers,jobs,job cuts,recession,business,headquarters,redundancies