Walmart India lays off executives
Walmart India will let go around a third of its top executives at its Gurugram headquarters, according to the Economic Times.
The retailer has been struggling in the territory, and is now responding by laying off more than 100 top-level executives, with more terminations expected to come later. It will also close its Mumbai fulfilment centre and its largest warehouse, and will hold plans to open new stores within the Indian market.
“We are always looking for ways to operate more effectively to serve our members,” said a spokesperson for Walmart India. “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. Impacted associates have been offered enhanced severance benefits and outplacement services to support their transition.”
Following a decade of trade within India, Walmart’s sales growth has remained problematic, with the firm recording a net loss of US$24.26 million during the last fiscal year.