Shoppers Stop plans under performing outlets to close, reduces 1,100 employees
NEW DELHI : Retail stores chain Shoppers Stop is reducing 1,100 employees and will close underperforming stores that suffered from the economic impact due to the economic crisis according to media reports .
A person familiar with the matter said on 12 th june that those being terminated comprise 1,000 employees across Shoppers Stop stores, while the rest are from its Mumbai head office.
“Like other retailers, we will be looking at closing lower performing and unsustainable stores. With business declining, layoffs are unfortunately inevitable," a Shoppers Stop spokesperson said in response to emailed queries. The spokesperson did not disclose the number of employees being laid off.
“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," the spokesperson said.