Walmart is an American multinational and the world’s largest retail corporation has fired 56 Walmart executives in India as it restructures in the country. Reuters reported the firings earlier on Monday.
Walmart has faced challenges in expanding its wholesale business in India. It currently operates 28 wholesale stores in the Asian country where it sells goods to small shopkeepers, and not to retail consumers.
Eight of the 56 dismissed executives were in “senior management” roles and the rest of middle or low management, said Krish Iyer, president and CEO of Walmart India in a statement.
“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,” Iyer said, adding the fired executives had been offered enhanced severance benefits.
“Walmart remained committed to developing physical stores as well, 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.
Walmart has placed bold bets on India’s e-commerce sector. “It’s happening because focus is shifting to e-commerce rather than physical (stores)”, the source said. Walmart has around 600 staff in its India head office out of a total of around 5,300 nationally, one of the sources said.
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17 November, 2019