Shoppers Stop has announced to lay off 1,100 employees and will close underperforming stores as one of India’s oldest department-store chain reels from the economic impact of the coronavirus pandemic. Those being laid off comprise 1,000 employees across Shoppers Stop stores, while the rest are from its Mumbai head office.
According to a Shoppers Stop spokesperson, “Like other retailers, we will be looking at closing lower performing and unsustainable stores. With business declining, layoffs are unfortunately inevitable. With a limitation on adding new stores in this situation, the size of our business is effectively reduced and, unfortunately, we need to adjust our cost base in such times.”
All the impacted employees will receive salary for two months and the company could consider rehiring them when business improves. Shoppers Stop had 7,500 employees, according to its December quarter earnings presentation.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
