Wal-Mart to revamp apparel unit, lay off dozens: report
NEW YORK (Reuters) - Wal-Mart Stores Inc <WMT.N> is set to shake up its sluggish apparel unit by shutting two divisions at its Arkansas headquarters, eliminating dozens of positions and moving dozens more to New York, the New York Times reported on Wednesday.
Representatives at Wal-Mart were not immediately available for comment.
The report, citing an internal statement, said the company would close its product development and sourcing divisions.
Wal-Mart, the world's largest retailer, is aiming to strip out excess costs and promote low prices as its core, lower-income shoppers are being squeezed by a deteriorating housing market, higher food and fuel costs and a credit market crunch.
(Reporting by Ritsuko Ando, editing by Elizabeth Fullerton)