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Thursday, November 27, 2014

Wal-Mart cuts dozens of China executives to cut costs, (NYSE: WMT)

Wal-Mart Stores Inc said it has cut more than 20 mid-level jobs in China as part of its effort to lower costs in the world's second largest economy where it has been grappling with slower sales and tough price competition.Raymond Bracy, China-based spokesman for Wal-Mart, said the staff cuts were a "necessary business reality", adding the retailer would pay appropriate settlements to the employees affected.Wal-Mart, which has more than 400 stores in China, says it employs around 2 million people worldwide.Bracy failed to comment further on the China job cuts. Bloomberg reported earlier that about 30 senior executives, including directors and vice presidents from Wal-Mart China and its wholesale arm, Sam's Club China, had been dismissed.

Wal-Mart Stores, Inc. (Walmart), operates retail stores in various formats globally. Shares of WMT traded higher by 0.04% or $0.03/share to $84.98. In the past year, the shares have traded as low as $72.27 and as high as $85.64. On average, 7082010 shares of WMT exchange hands on a given day and today's volume is recorded at 3943821.