Trucichi, Walmart and Amarilla have announced a plan to close their businesses, slash jobs, close other businesses and close their stores, according to a company filing.
The stores will close in the third quarter of 2019.
The businesses will remain in operation and employees will be transferred to other facilities.
Walmart, the world’s largest U.S. retailer, said in its filing with the U.K. Financial Conduct Authority (FCA) that it expects to incur losses of approximately $1.4 billion and is “evaluating” its financial position in the first half of 2020.
“We are continuing to monitor the economic conditions and the financial situation of our business,” Trucichia said in a statement.
The announcement comes as Prime Minister Narendra Modi’s government seeks to revive growth after years of recession.
It is trying to revive India’s economy by creating jobs and diversifying the economy to meet the needs of a growing middle class, but the country is still lagging far behind other Asian nations that have seen a strong economic recovery.
India’s economy grew 7.2 percent in the second quarter of 2020, but its growth has slowed since the end of March as a series of factors, including an easing of the currency and the government’s demonetization policy, hurt consumer spending.
In April, Prime Minister Modi promised to increase exports to spur growth and said India’s manufacturing sector would soon return to its pre-demonetization levels.
But the economy has suffered in the past few months due to a lack of investment and weak consumer spending, leading to a sharp slowdown.
Earlier this month, a new survey from global retail consultancy firm IHS Markit found that India’s retail sector shrank by 2.9 percent in 2020.