The Shoppers Stop employs 7,500 people, according to its December quarterly earnings presentation.
The Shoppers Stop is sacking 1,100 employees and closing useless stores as one of India's oldest department-store chain reels from the economic impact of the Coronavirus pandemic.
One person familiar with the matter said on Friday that the sacked employees included 1,000 employees at Shoppers Stop Stores, the rest from Mumbai's headquarters.
"As with other retailers, we see low-performance and unsustainable stores closing. With business decline, layoffs are unfortunately inevitable," a spokesperson for the store's store spokesman said in response to email queries.
"With the limitation of adding new stores in this situation, the size of our business is effectively reduced and unfortunately, at such times we have to adjust our cost base," the spokesperson said.
All affected employees receive a two-month salary and the company may consider re-hiring as the business improves.
The Shoppers Stop employs 7,500 people, according to its December quarterly earnings presentation.
The pandemic and prolonged lockdown, particularly the closure of malls, have severely damaged retailers
The Shoppers Stop is sacking 1,100 employees and closing useless stores as one of India's oldest department-store chain reels from the economic impact of the Coronavirus pandemic.
One person familiar with the matter said on Friday that the sacked employees included 1,000 employees at Shoppers Stop Stores, the rest from Mumbai's headquarters.
"As with other retailers, we see low-performance and unsustainable stores closing. With business decline, layoffs are unfortunately inevitable," a spokesperson for the store's store spokesman said in response to email queries.
"With the limitation of adding new stores in this situation, the size of our business is effectively reduced and unfortunately, at such times we have to adjust our cost base," the spokesperson said.
All affected employees receive a two-month salary and the company may consider re-hiring as the business improves.
The Shoppers Stop employs 7,500 people, according to its December quarterly earnings presentation.
The pandemic and prolonged lockdown, particularly the closure of malls, have severely damaged retailers
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