Walmart Stores, Inc. (WMT) is a worldwide retailer that operates in various formats. The three segments of the company include Walmart U.S., Walmart International, and Sam’s Club. The company is comprised of discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, apparel stores, drug stores, convenience stores, and membership-only warehouse clubs; and retail Websites.
Reportedly, Walmart has fired 56 executives in India as a part of its restructuring process in the country. The Bentonville, Arkansas-based company has been facing challenges to expand its wholesale business in India. Walmart operates 28 wholesale stores in the Asian country. As per sources, the firings have mostly affected executives in its real estate division, managing store expansion. Eight out of 56 executives were fired in a “senior management” role and the remaining from the middle or lower management, informed Krish Iyer, President, and CEO of Walmart India.
Iyer stated “We are also looking for ways to operate more efficiently, which requires us to review our corporate structure to ensure that we are organized in the right way,” adding the fired executives had been offered enhanced severance benefits.
“We have recently made significant investments to serve our members better and will continue to do so. This includes investments in our brick-and-mortar stores as well as e-commerce,” Iyer added.
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