Walmart is cutting its Australian workforce by 1,200, but says the cuts will ‘save the world’.
Walmart has been running its Australian operations for nearly five decades, but last month it announced plans to lay off as many as 3,000 workers and slash costs.
The announcement came just days after Walmart announced it was cutting 700 jobs at its Brisbane, Queensland, store.
But the company also announced it would hire 1,300 employees in Australia, in addition to the 1,100 staff who had already left.
“We are cutting 1% in total headcount and in all areas of the company, but we will save the world by reducing costs, eliminating redundancies, and building our business in Australia,” Walmart CEO Doug McMillon said in a statement.
He said that would result in a $400 million increase in annual savings for the company in Australia.
McMillon said Walmart’s Australian operations were “an extraordinary success story”, but that the company had “learned a lot”.
“The last two years have been a whirlwind of new technology and new ideas,” he said.
Mr McMillon also said that the cuts would allow the company to focus on “the things that matter most to our business and customers”.
Walton’s announcement comes as Walmart’s competitors look to keep up with Walmart in Australia and around the world.