Walmart will lay off about 200 corporate employees, according to CNN and CNBC.

The layoffs follow Walmart cutting its profit projections for the remainder of the year. The retailer blamed high gas prices and rising food prices for the updated outlook.

"This is affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through the inventory, particularly apparel," Walmart said in a statement.

In a statement to CNN, a Walmart spokesperson said the layoffs are part of a restructuring plan "to provide clarity and better position the company for a strong future."

Walmart is the largest employer in the U.S. The company says it currently employs 1.6 million people in the country.