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Wal-Mart Stores Planning Big Layoff for 2014
NEW YORK, NY -- Some bad news for many Sam's Club employee's according to Fox Business.
Wal-Mart Stores (WMT) is reportedly planning to lay off 2,300 employees at Sam's Club, marking the wholesale club's biggest layoffs since 2010.
The layoffs represent the latest cutbacks by U.S. retailers following a disappointing holiday shopping season.
According to The Wall Street Journal, the layoffs are aimed at reducing the number of middle managers at the company.
The 2,300 in reported cuts would represent roughly 2% of Sam's Club's employees.
Wal-Mart is scheduled to report quarterly results on February 15.
Shares of Wal-Mart fell 0.19% to $74.28 in after-hours action on Friday evening after dropping 0.72% during regular trading.