Wal-Mart Stores Inc (NYSE:WMT) has announced that it will be laying off more employees in 2017.
The newly-announced Wal-Mart layoffs 2017 will have the retail company cutting hundreds of jobs. These jobs being cut in the layoffs will reportedly take place in the retailer’s international, tech and Sam’s Club divisions.
Randy Hargrove, a Wal-Mart Stores Inc’s spokesman, told CNBC that the job cuts are an expansion of its previous Wal-Mart layoffs 2017 from earlier this year. The tech company is looking to cut jobs and invest in its e-commerce platform to better compete with online retailer Amazon.com, Inc. (NASDAQ:AMZN).
“We will continue to find ways to operate more efficiently and effectively, true to our cost-conscious heritage,” Walmart told Fox Business Network. “In order to achieve this, from time to time you’ll see the company eliminate positions in an effort to stay lean and fast.”
Wal-Mart layoffs 2017 continue to add to the large number of jobs cuts that the company has been announcing since early last year. The company has cut about 18,000 jobs since then. However, Hargrove said many of these employees were shifted to new positions within the company.
Hargrove also says that the company is planning to hire an additional 10,000 employees. These employees will be hired by the company to operate new stores that it is planning to open. This news comes despite plans from the retailer to slow down its openings of additional physical locations, CNBC notes.
WMT stock was largely unaffected by the Wal-Mart layoffs 2017 new as of Wednesday morning.
