Reliance's JioMart lays off 1,000 employees
Reliance Industries’ wholesale e-commerce platform JioMart has laid off over 1,000 employees. The move follows on from its acquisition of the Metro Cash and Carry business and more layoffs could come soon.
“The company has asked over 1,000 people on ground including 500 executives at its corporate office to resign over the past few days,” an anonymous source close to the matter told the Economic Times. “It also plans to have another large round of layoffs with hundreds of employees already put on [a] performance improvement plan… [The] rest of the sales employees have been put on [a] variable pay structure after Reliance lowered their fixed pay salary.”
Metro Cash and Carry has a permanent workforce of 3,500 people which JioMart will be tasked with amalgamating into its own business. This means that some roles will overlap and JioMart will have to restructure accordingly.
The business is also undertaking larger scale cost cutting initiatives as it focuses on streamlining operations. JioMart aims to improve its profit margins and reduce its losses after having focused heavily on discounting products. Reliance Industries also plans to shut over half of JioMart fulfilment centres which it uses to supply kirana stores with goods including personal care products, food, and other fast moving consumer goods.
Copyright © 2023 FashionNetwork.com All rights reserved.