The world’s largest retail company has begun layoffs

New Delhi:The sound of the recession in America began to be heard. The country’s GDP shrank for the second consecutive quarter. Technically, this is called a recession. Although it has not been officially announced, its effect is starting to show. Walmart, the world’s largest retail company, has begun laying off its employees. According to a CNN report, the company is preparing to lay off 200 employees. A few days ago, the company said its profit could drop in the coming days. The majority stake in this company belongs to the Walton family, considered the richest family in the world.

Walmart confirmed the layoffs in a statement, saying it was reorganizing its structure and preparing the company for the future. The company said it continues to invest and connect people in areas such as e-commerce, advertising and supply chain. A source said the company started layoffs this week. Earlier, the company said last week that it had cut its second-quarter earnings estimates.

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why cut
The company said rising food and fuel prices affected customer spending. For this reason, the company has to reduce the price of many items as well as clothing. Walmart also warned that consumer spending could also decline in the second half. For this reason, its profit for the second quarter as well as for the whole year may remain weak. Walmart is the largest company in the world by revenue.

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The Walton family owns a 47% stake in Walmart. Walmart was founded in 1962 by Sam Walton. Their entire business was based on the discount culture and that is the reason why its stock has always remained bullish even during the recession. But this year, the company’s shares have fallen significantly. With that, the Walton family’s total net worth is now around $200 billion. This year, it has decreased by about 11%.