NEW YORK -- Wal-Mart Stores Inc. is planning job cuts at its headquarters that could involve hundreds of workers, including senior managers, according to people familiar with the situation.
The cuts are expected to begin in the next week, said the people, who asked not to be identified because the deliberations are private.
The move is part of Chief Executive Officer Doug McMillon's efforts to reduce costs at the retailer while it boosts investment in other areas, including higher wages for store workers. The company has about 19,000 employees at its Bentonville headquarters.
Deisha Barnett, a spokesman at Wal-Mart, declined to comment.
McMillon has been working to balance a desire to improve Wal-Mart's customer service against pressure from investors to keep profits growing. Labor costs, increased by Wal-Mart's minimum-wage raise to $9 per hour in April, have weighed on earnings, which missed analysts' estimates for the past quarter.
In July, Edward Jones retail analyst Brian Yarbrough suggested any job cuts or management restructuring at Wal-Mart could be viewed by Wall Street as a positive for the company's financial performance.
Wal-Mart last experienced mass layoffs in 2009, when it was announced that some 800 jobs were being eliminated.
Business on 10/01/2015