Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleRed Hat
CEO ReviewCompany Review

The Silicon Review Asia

Walmart India Lays off Top Executives

Walmart India Lays off Top Executives

Walmart India is in turmoil as they proceed to fire a third of their top level executives based at their headquarters in Gurgaon. Walmart announced the news of firing more than a 100 senior executives including vice presidents across agri-business, sourcing, and fast-moving consumer goods on Friday. Walmart has also planned on shutting down the Mumbai centre, its biggest warehouse and has currently stopped expanding warehouses in India.

Sales have been down for Walmart India for the first time in a decade since it has entered the country. The real estate team responsible for finding new store locations has been demobilized according to the reports mentioned above.

Walmart India has not commented on the exact number of people it has laid-off but has said that it remains to stay committed to its growth in India. “We are always looking for ways to operate more effectively to serve our members. This requires us to review our corporate structure to ensure that we are organized in the right way to best meet the needs of our members,” a Walmart India spokesperson said. “Impacted associates have been offered enhanced severance benefits and outplacement services to support their transition.”

More people are expected to be let go later in the year. “This is the first phase of layoffs and we expect the next round by April,” said one of the persons cited above.

Walmart sees no future in its traditional cash and carry stores in the country and is currently downsizing.



Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisi...

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...