Wal-Mart cuts ex­ec­u­tive jobs, closes stores

China Daily (Canada) - - NEWSCAPSULE -

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)

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