Walmart to Close NY Office

Walmart Stores Inc. (Bentonville, Ark.) is closing its New York apparel office, as part of a cost-saving measure, reports Bloomberg. The office on Broadway between 37th and 38th Streets opened in 2009 and has about 275 employees, which handle product development and buying for the retailer.

During a meeting this month, ceo Bill Simon told investors the company will focus on basic apparel after attempts to appeal to more fashion-focused shoppers failed.

“We don’t need to be on Broadway to sell socks and underwear and T-shirts,” says David Tovar, a Walmart spokesman.