Wal-Mart Announces 250 Job Cuts In China

Wal-Mart Stores Inc. said it will reduce its workforce in China by 250 jobs as part of the retailer's efforts to reorganize its business operations in the country. Also aimed at reducing costs and improving its revenue performance, the layoffs will affect 250 middle and lower-level employees, less than 1 percent of the country's workforce in China, and worked at the firm's corporate affairs and asset protection units. Wal-Mart currently operates 400 stores in the country and will open nine new stores and a new distribution center in China by end of 2015. Also, the company plans to build a $97.5 million shopping mall in the city of Zhuhai.