Walmart plans a restructure after billion losses
Posted by IEC International on July 4th, 2019
Walmart the multinational retail corporation has recently said that the company expects to lose over billion USD this year in its e-commerce business division. And with that in mind the company are currently working on creating a plan to sell off money losing units, as the company are faced with the challenge of trying to compete with Amazon. Multiple sources close to the company have claimed that Walmart’s current efforts to challenge the Giant Amazon are falling short of where they should be, which has led to internal strains on the company, and are forcing their hand to curb their losses in its e-commerce division. As it stands this part of Walmart is projecting losses of over Billion on revenues of Billion.
According to a recent publication, Walmart is facing troubles with Jet, an online shopping retail site that the company acquired in 2016 for .3 Billion USD. With the mounting losses the company are facing, CEO Marc Lore is certainly sat in the hot seat against the Walmart’s board of directors, with fears of lack of leadership. The board at Walmart and CEO Doug McMillon have said that they want Lore and his team at Jet to cut losses quickly. In addition Walmart heads are not happy with the way that Jet has received praise and credit in the media for the growth that Walmart has seen.
About the AuthorIEC International
Joined: July 4th, 2019
Articles Posted: 4
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