Walmart said on Monday that it has laid off fifty-six of its executives in India. President and the Chief Executive Officer of Walmart India, Krish Iyer, said the fired executives included eight from senior management, according to news agency Reuters.
Krish also said that a press report of a second round of layoffs in April was baseless, Reuters reported citing an emailed statement.
Earlier, Reuters had reported citing sources that the world's largest retailer had fired around 50 of its India executives as part of its restructuring in the country.
According to a report in The Economic Times, Walmart plans to halt new-store expansion in India and will continue to cut staff. The report cited anonymous people familiar with the matter.
The officials already laid off include vice presidents across sourcing, agri-business and fast-moving consumer goods, and the real estate team responsible for finding new store locations has been disbanded, said the report.
If reports are to be believed then it’s apparent that the company sees no future in its physical operations in the country and is very likely to sell it or merge it with e-commerce platform Flipkart, it bought for $16 billion in 2018.