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Wal-Mart to cut 450 jobs at headquarters

In a letter sent out to employees on Friday, Wal-Mart CEO Doug McMillon announced that 450 employees would be cut from headquarter operations. (Tweet this)

"As a leader, these are some of the toughest decisions to make," he wrote. "While difficult, I believe changes will help us become a more nimble organization that serves customers better."

Shares of Wal-Mart were down more than 1 percent after the news.

The cuts at the Arkansas offices are part of a reorganization of the retailer's management structure, the memo said. Due to "changing customers and retail" the CEO said "we must change."

"We are grateful for their service," McMillon wrote. " Taking care of therm is a priority, and we are providing these associates access to services and resources that will help them find their next opportunity."