Jeff Bezos CEO and Amazon Founder Walmart India has asked 56 senior executives to leave as part of its corporate restructuring process, shrugging off reports about the second round of layoffs coming in April. In a statement, the company which operates nearly 28 wholesale stores in the country, said it is looking for ways to operate more efficiently. ‘Apart from this, 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.
Walmart partnered Bharti in 2007 for its cash-and-carry business in India and went on its own in 2013. The world’s largest retailer which acquired Flipkart for $16 billion (roughly Rs. 1,13,386 crores), owns and operates 28 Best Price Modern Wholesale stores offering nearly 5,000 items in a cash-and-carry wholesale format.