Walmart has continued its aggressive approach to cost cutting in Asia, dismissing up to 30 senior executives in China, according to the South China Morning Post.
Ray Bracy, a spokesman for Walmart in China, said the move was “consistent with actions taken over the last several months.” The departing staff includes directors and senior managers, with only a small number of the employees mutually agreeing to leave the company.
Walmart has recently announced the closures of several of its Japanese stores, along with management changes in India, as it bids to lower its expenses in the Asian region.
The US retail giant reported a 0.8 per cent fall in China sales during the third quarter of this year (ending 31 October). Late last year it revealed plans to open an additional 110 stores in the People’s Reblic between 2014 and 2016.
