Wal-Mart cuts executive jobs, closes stores
Wal-Mart Stores Inc, the world’s largest retailer, has dismissed around 20 mid- and senior-level executives and closed stores in China as part of a restructuring aimed at countering growing pressure from local rivals and online retail sales.
The company said in a statement that “we are transforming our business to meet the needs of a rapidly changing market and customers. Reorganization has been a necessary business reality”.
It said that the jobs cuts had been by mutual consent, with the company paying compensation in line with laws and regulations.
The retailer also said it had shut some outlets and was remodeling dozens more as the overhaul continues. It insisted, however, it was making “good progress” toward opening around 110 new stores across China between now and 2016. (Photo 1)