Walmart’s Shocking Retreat in India Could Prove Costly
Walmart (NYSE: WMT) seemed to be on a roll in India. There have been reports that the American big-box retailer has been enjoying a nice run in the country's booming e-commerce space at the expense of rival Amazon.com (NASDAQ: AMZN). But the reality seems to be different as the loss-laden Indian operations of Walmart have forced the company to make some tough calls that could negatively impact its prospects in that market.
Indian daily business newspaper The Economic Times reports that Walmart is handing over pink slips to a third of its management team based out of the country's headquarters in the city of Gurgaon. More than 100 senior executives will lose their jobs across various verticals, including fast-moving consumer goods, agri-business, and sourcing.
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