After disappointing sales number over the Holiday season, Wal-Mart announced 700 - 800 job losses at its headquarters in an effort to cut back and increase profits.
An article in Talking Retail quoted David Tovar, a spokesman for Wal-Mart:
Marketing and support administration jobs are likely to be affected by the changes but retail jobs will not be hit, Tovar said.
Wal-Mart, which has made its name with low prices is now cutting some of its highest paid employees while retaining the lower paid positions that are often part-time with no benefits. Don't expect this trend in job losses to disappear as more and more companies facing bankruptcy search for the "best" ways to implement job losses in an effort to reduce expenses.
But how many homeowners and ordinary Americans do you know who can pay a mortgage, credit card bills and health insurance on a retail job at Wal-Mart? As more companies lose customers more professional employees will find themselves facing job losses and eventually foreclosure and bankruptcy as the job market gets more competitive and high-paying jobs disappear.