Walmart, which is already facing a steep loss of cash as the company’s stock price has fallen nearly 40% over the past few months, is expected to lay off an estimated 200,000 employees this week.
The retailer said in a statement on Monday that it plans to pay all employees a $1.50 wage increase, which it said would increase to $1 an hour by the end of February.
Walmart said the raise would go into effect on Feb. 1, although the company didn’t specify what that would mean.
The company has already said that it would not pay workers $15 an hour as it seeks to reduce the amount of overtime it pays workers.
Walmart CEO Doug McMillon told the company board of directors in a meeting last month that the company was not considering a strike.
He said that Walmart would not take a break from operations during the strike.
Walmart’s stock fell more than 80% over a short period of time last year, before it began trading on Wall Street in January.
Walmart shares have recovered somewhat from the recent dip, but have not rebounded since.
The retail giant is also facing a looming lawsuit that accuses it of illegally manipulating its labor practices and falsifying data to conceal the effects of its high-cost retail model on consumers.