Not sure who will be impacted the most, they always go after back office functions and the like to lay off managers and above due to high compensation levels. I left in 2010 and I think I made a good move. Do not get me wrong, the company is great and will take good care of you but times are changing and the allure of nurturing and supportive organization that attracted me to Walmart is fading. I know that many of my friends who are still there are getting fed up with the office politics and constant stress. You can argue that this (together with layoffs) is not something that's specific to Walmart but at the same time I think that we used to see much better times. On the other hand, look at the horror that took place at Target - so things can be worse. I spent 10+ years with the company and was not laid off.
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Good luck to all