Woe is Wal-Mart, too UPDATE | Arkansas Blog

Tuesday, February 10, 2009

Woe is Wal-Mart, too UPDATE

Posted By on Tue, Feb 10, 2009 at 11:51 AM

The end of the world as we know it.

A reported 700 layoffs at Wal-Mart, which has generally run against the tide of declining sales among national retailers. These are home office jobs, a blow in Benton and Washington counties and beyond. Arkansas Business puts the number as high as 1,400. The higher number could be explained by the company's statement that it is also moving some apparel-related jobs from Bentonville to New York. Some 14,000 are employed at the headquarters.

This notes the "realignment" in apparel jobs to NYC.

UPDATE: A Wal-Mart spokesman says the job loss at Bentonville is 700 to 800, though that number may be offset elsewhere with creation of new jobs in New York in apparel and in store development at a location yet to be determined. Some of the jobs have shifted from real estate to development, reflecting a shift in emphasis from new stores to remodeling and improvement of existing stores. The spokesman said the move was aimed at more efficiency, not strictly as a cost savings. He said Wal-Mart would continue to grow, open more stores and add thousands of new jobs worldwide.

UPDATE II: But, in other economic news, the Senate passed the president's stimulus legislation. Bigger news might prove to be the new Treasury secretary's effort to rework the bank rescue plan. (I was prescient, but for the wrong reason. Market hated the rescue plan news.)

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