SAN FRANCISCO – Wal-Mart Stores Inc. plans to lay off 2,300 employees at Sam's Club, or about 2% of the warehouse club's workforce, according to published reports Friday. The move reportedly aims to reduce the ranks of the subsidiary's middle management. It is the biggest round of layoffs at Sam's Club in four years. Sam's Club accounted for about 12% of Wal-Mart's $114.88 billion third-quarter 2013 revenue. Wal-Mart shares were down 19 cents at $74.42 in after-hours trade, extending a 54-cent, or 0.7%, fall during the regular session.
Copyright © 2014 MarketWatch, Inc.