Walmart announced the layoffs of more than 100 senior executives including vice presidents across sourcing, agri-business and the fast-moving consumer goods (FMCG) divisions on Friday. It also plans to shut the Mumbai fulfilment centre, its largest warehouse, and halt new-store expansion in India.
Walmart India didn’t comment on the number of people laid off or store plans but said it remains committed to growing in India. “We are always looking for ways to operate more effectively to serve our members. This requires us to review our corporate structure to ensure that we are organised in the right way to best meet the needs of our members,” a Walmart India spokesperson said. “Impacted associates have been offered enhanced severance benefits and outplacement services to support their transition.”
Source: Economic Times