Left Menu
Development News Edition

Walmart lays off 56 employees in India; denies 2nd round of downsizing in Apr


Walmart lays off 56 employees in India; denies 2nd round of downsizing in Apr
Representative image Image Credit: ANI

Walmart India on Monday said it is letting go 56 of its employees, including eight from senior management level, as part of restructuring exercise. The company, which operates 28 cash-and-carry stores in the country, said it is looking at ways to operate more efficiently.

"We are also looking for ways to operate more efficiently, which requires us to review our corporate structure to ensure that we are organized in the right way. As part of this review, we have let go 56 of our associates across levels at the corporate office," Walmart India President & CEO Krish Iyer said in a statement. All of the 56 impacted associates, eight in the senior management and 48 in the middle as well as lower management, have been offered enhanced severance benefits and out placement services to support their transition, he added.

Iyer, however, ruled out a second round of layoffs in April, terming the speculation as baseless and incorrect. He said the company remains committed to growing its B2B cash and carry business in India.

Walmart opened six new best price modern wholesale stores, one fulfilment centre and the company's sales grew 22 per cent in 2019, he added. "We have recently made significant investments to serve our members better and will continue to do so. This includes investments in our brick and mortar stores as well as e-commerce.

"Our members are increasingly becoming omni-channel shoppers. We are thus investing heavily in technology and have a healthy pipeline of best price stores. This will provide our members a true omni-channel and convenient shopping experience in the future," Iyer noted. Layoffs at Walmart's brick and mortar business began after it bought a majority stake in e-commerce retailer Flipkart in an around USD 16 billion deal in 2018.

Walmart, as per its strategy to strengthen presence in the Indian market and also compete head-on with global rival Amazon, had announced a mega deal to pick up 77 per cent stake in Flipkart. Walmart had started B2B e-commerce in July 2014 from its Lucknow and Hyderabad 'Best Price Store' and was later extended to other stores.

It was among one of the first companies in India, which had adopted the omni-channel retail system by integrating online and offline formats here.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

South Africa look to ask themselves 'honest questions' after series defeat against Australia

After losing the T20I series at the hands of Australia, South African skipper Quinton de Kock said they will have to have a good look at themselves and ask some honest questions. It is just another blowout. Obviously it is not good enough d...

Malaysia's king summons Mahathir amid showdown with Anwar for PM

Malaysias king summoned Mahathir Mohamad on Thursday, as the country waits for an end to the political chaos caused by his shock resignation as prime minister amid an intense power struggle. Decades-old political rivals Mahathir, 94, and An...

Growth in Rhetoric extolling use of nuclear weapons dangerous: UNODA chief

With division and distrust rife among countries that possess nuclear arsenals, the UN disarmament chief is hopeful that the issue will be addressed during an upcoming conference on the Non-Proliferation Treaty. I hope the Review Conference ...

Soccer-Gerrard says he'll take next penalty after Rangers latest miss

Rangers manager Steven Gerrard joked that he was next in line to take penalties for the Scottish side after they missed from the spot for a sixth time this season in Wednesdays 1-0 Europa League victory at Portugals Braga. Winger Ryan Kent ...

Give Feedback