BENTONVILLE (dpa-AFX) - Walmart is waiving April month rent for businesses operating in its supercenters and Sam's Clubs. It is also making changes to its supply chain financing program, by which its suppliers get payments quickly from the retailer.
The relief comes as Covid-19 has caused some of the businesses to temporarily close or significantly reduce their hours and services.
Walmart has more than 10,000 leased spaces throughout the U.S., ranging from hair and nail salons, optometrists, restaurant franchises, veterinary clinics, to local and regional banks.
The retail giant said it will continue to monitor the need for additional support past April. It is also working with many of its partners to encourage their impacted employees to apply for the 150,000 temporary jobs it plans to fill in the coming months.
In addition, Walmart is making changes to its supply chain financing program, which is a program where Walmart and Sam's Club work with national banks to allow qualified suppliers to get payments from the chain faster.
The retailer will add dedicated resources to speed up the on-boarding process, eliminate an eligibility requirement, and add JPMorgan Chase as a new partner to existing partners Citibank and Wells Fargo.
According to Walmart, more than two-thirds of its 18,000 suppliers are small and medium sized businesses who could benefit from this newly enhanced program.
Copyright RTT News/dpa-AFX
WALMART-Aktie jetzt für 4€ handeln - auf Smartbroker.de