Wal-Mart Laying Off 100 at Headquarters
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Wal-Mart Stores Inc. laid off 100 employees at its headquarters and eliminated 300 positions that have gone unfilled. The world’s largest retailer, which employs 11,000 at its Bentonville, Ark., headquarters and 1.2 million in the United States and abroad, hasn’t had any layoffs at its home office since 1995.
A Wal-Mart spokesman said the cuts came as part of a periodic review of how the company can trim expenses. The spokesman said the slowdown in the economy played a role in the cuts.
In June, Wal-Mart reported a 6.9% gain in same-store sales, or stores open at least a year, outpacing many retailers. Same-store sales are the best indicator of a retailer’s health.
However, the discounter’s profit margins have been under pressure due in large part to consumers’ shift in spending habits.
Wal-Mart shares rose $2 to close at $55.10 on the NYSE.
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