Walmart CEO Warns Of Bankruptcy | Why Walmart Is Going Bankrupt In 2023

Walmart CEO Warns Of Bankruptcy | Why Walmart Is Going Bankrupt In 2023. Walmart is warning American consumers that hard times are ahead. This week, the company confirmed more price hikes, store closings, and layoffs in 2023. Executives, including CEO Doug McMillion, expect increased turbulence in the retail sector this year. Analysts at UBS believe almost 100,000 stores could shut down. They say a flood of bankruptcies is about to hit major US retailers, starting this summer. That comes as consumer spending drastically slows down, retail sales drop, and companies report pressure on profit margins. Walmart’s cautious note is putting other big brands on high alert given that economic conditions continue to deteriorate all over the country.
Walmart sounded alarms this week when it slashed its quarterly and full-year profit estimates. America’s largest retailer is warning that conditions in 2023 will be abnormally hard as it forecasts slower sales and profit growth, disappointing investors, and leaving other major US companies on edge. 
On top of the problems happening in its brick-and-mortar operations, Walmart reported an 8% decline in average daily visits to its website over the past 12 months. So far this year, the company already announced a large number of layoffs at its fulfillment centers and multiple store closings. Now it is saying that consumers should brace for more price hikes due to “stubborn inflation”.
Walmart is certainly one of the best-positioned companies in the industry, and its large-scale operations definitely give the company leverage to stay afloat during turbulent times like these. But that doesn’t mean that the retailer isn’t struggling, and the message it is sharing with the public and other businesses is a sign that economic conditions are going to get even tougher going forward.  💥 ROAD TO 40K SUBSCRIBERS 💥
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