Walmart Layoffs: Why Is The Retailer Laying Off Nearly 600 Employees?

As Walmart (WMT) quietly closes a series of stores, the company will also initiate a round of layoffs at its corporate office in Charlotte. The 569 employees that will be laid off will reportedly lose their jobs sometime between September 2019 and January 2020.

The layoffs will affect Walmart’s finance and accounting staff, as the retailer looks to hire Genpact – a professional services firm based out of New York, Retail Dive reported. The Charlotte location will reportedly remain as a U.S. regional office, which will also house the company’s “people solutions” department – the human resources function of Walmart.

Walmart employees were notified last week that the layoffs will begin on Sept. 13, allowing workers three to seven months to transition or remain with Walmart through its stores, clubs, and corporate offices, Business Insider reported.

Those employees that decide to remain with the company through the transition period will receive a retention payout as well as a severance package upon layoff, while all employees let go will have access to outplacement services, resume and interview training, career counseling and a series of job fairs, the news outlet said.

"This was a difficult decision that affects friends and associates we care about deeply,” a Walmart spokesperson told Retail Dive. “We appreciate their important contributions, and we're committed to handling every transition over the next seven months smoothly and respectfully.

"We are maintaining a corporate presence in Charlotte. As our company continues evolving, we've said we must strike the right balance between managing the needs of our business, our associates and our customers,” she added.

Shares of Walmart stock were up 0.50 percent as of 9:45 a.m. ET on Thursday.