Walmart to Lay off 56 Employees in India
January 13 2020 - 3:16AM
Dow Jones News
By P.R. Venkat
Walmart Inc. (WMT) is laying off 56 of its employees in India as
part of its corporate restructuring and to improve efficiency.
The 56 employees being laid off include eight in senior
management roles and the remaining in the middle to lower
management, Walmart India president and chief executive Krish Iyer
said in a statement.
The U.S. retailer, however, said that it remains committed to
growing its business-to-business cash & carry operations in
India.
Walmart India has a total of 5,391 employees in the country.
Walmart said it had made significant investments in its brick
and mortar stores as well as e-commerce and is heavily investing in
the technology.
The company also denied reports that it was planning a second
round of layoffs in April.
Walmart said it has offered enhanced severance benefits to the
employees that have been laid-off.
In 2018, Walmart agreed to take control of India's largest
e-commerce company Flipkart Group for $16 billion, as part of its
strategy to enter one of South Asia's biggest consumer market.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
January 13, 2020 03:01 ET (08:01 GMT)
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