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An Explanation of WalMart's New Financial Disclosure Requirements for Contractorsby Ranger Kidwell-Ross
Specifically, Walmart is now requiring financials for sweeping companies that want to continue doing sweeping on Walmart accounts. Although the contractor requested more information about the new requirement, the company spokespeople would provide no reason why the financial statements (preferably audited) were being requested or how the information would be safeguarded, if provided. The sweeping company refused to provide the financial statements and the unfortunate outcome was that they were then terminated from sweeping any further for Walmart locations, some of which they had handled for over 20 years. Although I made a number of calls to Walmart's media center – and was promised callbacks on more than one occasion – no Walmart official ever called back. However, I spotted a new signup to our WorldSweeper email list from a Walmart.com email address. So, I contacted that person via email and explained the situation. Although they are not able to speak on the record about this topic, the individual is in a relatively senior position with the company. Here's what they provided for me to share, with the proviso that the specific person of origin not be disclosed: "Thanks for sharing. I'm not involved in the vendor on boarding process. I know most vendors who do business with Walmart have to submit financial statements among other things. Walmart reviews these to get an understanding of the validity of the vendor. "When you are the largest retailer in the world, it is very important to make sure you are doing business with real and legal companies. The information is stored by the on boarding team and is only accessible by associates with a "need to know" business reason. People outside the company definitely cannot gain access. "The reason why vendors have been able to do business for Walmart in the past without submitting financial statements is because previously, vendors worked directly with store management. Service Channel is centralizing the vendor management process. As such, vendors are now becoming subject to standard vendor on boarding. I don't know all the details around vendor on-boarding, but hopefully this provides a little more information for you." Because of the situation, as explained above I have nothing further to add. However, if any reader has information that will better clarify this requirement in any fashion, please let us know. If appropriate, we'll add it to the bottom of this page. |
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We received a call from a NE contractor who lost their company's Walmart accounts as a result of a 'recertification requirement process' they declined to go through.