Posted By: Jasmine | NwoReport
Amid the silly debate whether 2 consecutive quarters of negative GDP are enough to trigger a recession, or we have to wait for a 3rd, 4th, 5th and so, on if the president is a Democrat before the NBER will starts paying attention, today Walmart – which recently reported horrific earnings when it warned that low-income America is careening into the abyss, decided to take a shortcut to the promised recession land after the WSJ reported that the giant US retailer was cutting hundreds of corporate roles in a restructuring effort one week after it warned of falling profits.
The retailer began notifying employees in its Bentonville, Ark., headquarters and other corporate offices of the restructuring, which affects various departments including merchandising, global technology and real-estate teams, the people said. Around 200 jobs in total are being cut, said one of these people.
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To mitigate the media fallout, a Walmart spokeswoman confirmed to the WSJ that there were roles being eliminated as the company updated its structure, but said that the company was also investing in other areas and creating some new roles.
Last week, Walmart stunned investors when it slashed guidance again and warned that its profit would decline in the current quarter and fiscal year because it was having to mark down apparel and other merchandise that has piled up in its stores. The retailer said higher prices for food and fuel were causing U.S. shoppers to pull back on other categories that are more profitable for it. In response its stock price suffered its biggest one day drop in decades.
