Wal-Mart Quietly Announces First Wave of Layoffs

More bad news for retail. According to this Bloomberg report, Wal-Mart will be cutting around 1,000 jobs over the next few years as pressure from Amazon mounts.

Wal-Mart Stores Inc. is cutting as many as 1,000 jobs at its headquarters this year and next, the latest effort to streamline a retail empire under threat from Amazon.com Inc.

The first wave of layoffs totaled between 400 and 500 jobs and hit the company’s marketing, human resources, merchandising, real estate and other divisions this week, the Bentonville, Arkansas-based chain said. Those affected will have 60 days to find a new role.

A second phase of cutbacks will come in 2019, when some buildings are consolidated to make way for the company’s new corporate headquarters. Under 500 positions will be part of that wave, Wal-Mart said.

The shake-up extends a busy month for the world’s largest retailer, which also shut 63 Sam’s Club warehouses and reorganized that unit’s purchasing division. But even as it makes cuts, the company has also taken broader steps to retain employees — like boosting its hourly wage and creating new roles focused on its online grocery business.