Walmart (WMT) is set to cut up to 500 jobs at its headquarters in Bentonville, Arkansas, the Wall Street Journal reported on Wednesday, citing sources.
A Walmart spokeswoman declined to comment on the report.
The retailer, which employs 18,600 or so workers in Bentonville, is currently spending billions on its -e-commerce firepower, $1.5 billion on wage hikes for store workers and dealing with a strong U.S. dollar that is pinching its results. Walmart employs 1.3 million people in the U.S.
Last month, Wal-Mart Stores CEO Doug McMillon hinted at the cuts, saying on a recorded call to discuss the retailer’s quarterly results that, “For the back half of the year, we will manage these items closely with a continued commitment to efficiency, cutting costs where appropriate, even in a period of investment.”
In August, Wal-Mart Stores, the parent company, cut its profit forecast and reported a 1.5% increase in U.S. comparable sales for the second fiscal quarter.
Walmart isn’t the only retailer looking to cut costs. Target (TGT) earlier this year cut 1,700 jobs at its Minneapolis headquarters and closed 1,400 open positions. Whole Foods said earlier this week it would eliminate 1,500 jobs.