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Walmart hikes minimum wage, announces layoffs on same day

Reuters  |  NEW YORK 

By Nandita BoseNEW YORK (Reuters) - Walmart on Thursday said it will raise entry-level wages for U.S. hourly employees to $11 an hour in February as it benefits from last month's major corporate tax cut and on the same day said it will shut stores and lay off thousands of workers.The world's largest retailer and private employer, officially called Wal-Mart Stores Inc , will shutter 63 of its Sam's Club discount warehouses, or about one tenth of the chain overall, according to a senior company official who declined to be named.Around 50 of those stores will be shut permanently after a review ...

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First Published: Fri, January 12 2018. 03:43 IST