Walmart cuts jobs, asks remote workers to relocate

Walmart is laying off hundreds of its employees and is asking most of its remote workers to relocate.
Transcript:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
The Nasdaq hit a new record high on Tuesday, and the S&P 500 flirted was a high of its own. The Dow also finished Tuesday's session in the green. Investors shrugged off inflation data and retail woes. Wholesale inflation came in at a hotter-than-expected 0.5 percent for April. Meanwhile, quarterly sales dropped for the 6th straight quarter at Home Depot. Investors are still betting on a rate cut coming as early as September. Consumer inflation numbers due Wednesday could confirm those hopes.
In other news...not even Walmart is immune from shifting consumer habits. America's largest retailer is being forced to slim down as consumers who flocked to the internet during the pandemic fail to return to in-store buying, and as shoppers feel the pinch from inflation.
Walmart is closing underperforming stores across the country this year, following 24 closures in 2023 - - far more than the 15 originally slated. And that's not all, it is shutting all of its 52 health centers and closing its entire health division.
The belt tightening is also happening at the corporate level. Walmart is slashing hundreds of office jobs, and urging remote workers to relocate to one of three major hubs, according to media reports. Those who don't want to move - will have to quit.
The cuts at Walmart could be a sign of things to come as Walmart is the country's largest private employer.
Investors will get a deeper look at what's happening at Walmart, when quarterly results are released Thursday.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm Conway Gittens with TheStreet.
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#walmart #layoffs #remotework

[@ann-pc3yt]

I do not.
Buy perfume and razors at Walmart. But every time I go to Walmart, I just see people standing there. Waiting complaining that they've been waiting 25 to 45 minutes for somebody to come in. Walmart would pay their employees a livable wage. They would actually care, but most of them are on government assistance.

[@angelachanellehuang5663]

My family came from.labor unions

[@mopthermopther]

Customers will be expected
to stock the shelves

[@maxinef6654]

😂😂

[@jasonmohorcic7096]

Walmart needs to be unionized

[@phoenixr6811]

Wow 😮

[@christophersteidinger7466]

On line sales and thief big problems

[@angelachanellehuang5663]

Union

[@ryandarko2115]

Ahhh Bidenomics the end is near lol