Whether or not the company makes a criminal complaint, the fact that you were caught itself is likely a probation violation and that is what the hearing would be about.
Hire a lawyer.
You need a lawyer for both the Violation of Probation and the underlying theft charge. But yes, you can certainly ask that probation be reinstated, and pay restitution. Good Luck.
not intended as legal advice and this answer does not create an attorney/client relationship.
Being involved in this incident could very well violate probation. Walmart is a funny company about these petite theft charges. They typically go for blood, and their loss prevention people usually show up for court. I wouldn't believe anything a Walmart official is telling you. Hire an attorney to deal with this ASAP, before it bites you on your felony probation.
For more information or to set up a free consultation contact the Witt Law at 407-205-WITT (9488). This answer does not, nor is it intended to, create an attorney-client relationship. It is offered for informational purposes only. Please consult with a licensed attorney before making any legal decisions.