Wal-Mart Reportedly Plans To Cut Corporate Jobs

(RTTNews) - Wal-Mart Stores Inc. (WMT) plans to cut more than 1,000 corporate jobs, according to media reports, citing people familiar with the matter. The cuts are expected to be completed by the end of the company's fiscal year on Jan. 31.

A day after embarking on a pay hike, Wal-Mart is reportedly taking steps to shake up management at thousands of its stores. The world's biggest retailer is planning to remove about 3,500 store co-managers and adding 1,700 assistant store managers, the Bloomberg reported.

All co-managers will be notified Friday, and those affected will be able to apply for other roles, the report specified.

The cuts are expected to be broad-based and focused primarily on employees at the company's Bentonville, Ark., headquarters, the report said.

The retailer said on Thursday that it would boost its starting wage to $11 an hour and dole out $400 million in one-time bonuses to its employees.