As Amazon Founder and CEO Jeff Bezos starts his visit to India this week, his arch rival Walmart India said on Monday that he asked 56 senior executives to leave as part of his corporate restructuring process, shrugging off reports of the second round of layoffs coming in April.
The company, which operates nearly 28 wholesale stores in the country, states in a statement that it is looking for ways to operate more efficiently, “which requires it to review its corporate structure to ensure that it is proper.”
“As part of this review, we have let go 56 of our associates across levels at the corporate office. All of the 56 impacted associates (8 in the senior management and 48 in the middle/lower management) have been offered enhanced severance benefits and outplacement services to support their transition,” Krish Iyer, President & CEO, Walmart India, said in a statement.
“A report appearing in the section of the Press speculating second round of layoffs in April is baseless and incorrect,” Iyer added.
Krish Iyer Talks About New Store Launch
Thus, Iyer said Walmart remains committed to expanding its Indian B2B Cash and Carry market.
“We opened six new Best Price modern wholesale stores. One Fulfilment Centre and our sales grew 22 per cent in 2019,” he said.
So, Walmart India has said it has made significant investments in the country recently to better serve its customers. Also, it includes investments in brick, mortar and e-commerce stores.
“Our members are increasingly becoming omni-channel shoppers. We are thus investing heavily in technology and have a healthy pipeline of Best Price stores. This will provide our members a true omni-channel and convenient shopping experience in the future,” the Walmart India CEO added.
CLICK HERE FOR BUSINESS NEWS
CLICK HERE FOR BUSINESS UPDATE