Walmart to cut hundreds of corporate jobs, relocate others: report

By Mike Murphy

Walmart Inc. plans to lay off hundreds of corporate workers and is asking others to relocate to new cities, the Wall Street Journal reported Monday night.

According to the Journal, which cited sources familiar with the matter, workers at smaller offices in Dallas, Atlanta and Toronto are also being asked to relocate to larger, more central hubs such as Bentonville, Ark., Hoboken, N.J., and San Bruno, Calif.

Walmart is also asking most of its remote workers to return to the office, the Journal reported, though some remote work will still be allowed as long as employees are in the office a majority of the time.

It's the latest cost-cutting move for Walmart (WMT), the world's largest retailer, as it looks to maintain profits. Earlier this year, Walmart shut its startup incubator and innovation hub, and last month it said it would shut Walmart Health, which offered primary-care, lab and other services across 51 locations, as well as its telehealth service, Walmart Health Virtual Care.

Walmart is scheduled to report quarterly earnings Thursday.

Walmart shares are up about 15% year to date, compared to the S&P 500's SPX 9.5% gain.

-Mike Murphy

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05-13-24 2343ET

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