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Walmart lays off corporate staff members

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Walmart has begun laying off corporate employees after revising its profit outlook sharply downward a week ago.

A spokesperson said the layoffs would put the company in a better position for a strong future as shoppers begin to spend more on necessities like food and fuel.

With a glut of inventory piling up in Walmart stores, the company plans to cut prices to sell more of those items.

Read more from CNBC.

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