Wal-Mart Says It Has Laid Off 28 Managers, 90 Others

(Shenzhen) – Wal-Mart Stores Inc. said on November 27 it laying off 28 mid-level managers and 90 lower-level employees in a bid to streamline its business.

The employees had reached agreements with the company to leave their positions, the China branch of the U.S. multinational retail company said in an email to Caixin.

Wal-Mart said that the dismissals started on November 25. The layoffs were part of restructuring efforts aimed at creating a more efficient structure to face changes brought on by a rapidly changing market, the company said.