11,000 JOBS–POOF!
THE ECONOMY IS GETTING BETTER
by
Sanford Pinna, M.D.
Copyright 2010
Sam’s Club cuts 11,000 jobs
By Ben Rooney, staff reporterJanuary 25, 2010: 1:24 PM ET
NEW YORK (CNNMoney.com) — Sam’s Club is cutting more than 11,000 jobs as the struggling Wal-Mart unit faces increased competition from rival warehouse retail chains.
The Bentonville, Ark.-based company announced Sunday it will eliminate 10,000 jobs, or about 10% of its workforce, as part of a plan to turn over its product-demonstration program to Shopper Events, an outside marketing firm. The majority of the job cuts will be part-time workers, Sam’s Club said.
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Shopper Events is expected to hire “roughly the same number of people” and all current Sam’s Club workers will have the opportunity to apply, said Brian Cornell, Sam’s Club chief executive, in a memo to employees
The announcement comes weeks after the company closed 10 stores nationwide and eliminated 1,500 jobs.
Taken together, the job cuts are the largest in Wal-Mart’s history, according to retail consulting firm Customer Growth Partners. “Based on our records, it’s the biggest ever,” said CGP president Craig Johnson.
YES IT IS!
