Wal-Mart cuts corporate jobs
Jul 27, 2001 12:00 PM, Misty Reagin
Bentonville, Ark. – Locally based Wal-Mart Stores Inc. terminated 100 positions at its corporate headquarters this week, making this the first time the retailer has laid off employees at its home office since 1995. The company also eliminated 300 positions that have gone unfilled.
The cuts were part of a periodic review of how the retailer could cut expenses, according to Wal-Mart spokesman Tom Williams.
Wal-Mart has experienced a year-to-date comparable-store sales increase of 5.1%. However, Williams says the discount chain’s profit margins are taking a hit due to shoppers buying more items such as food and beauty products, which have lower profit margins.
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