In the latest development of layoffs, Reliance JioMart has fired around 1,000 employees. Reportedly, the e-commerce platform is planning to cut around 9,000 jobs in the coming weeks. With the recent acquisition of German retailer Metro AG's Cash and Carry, Reliance Industries will be bringing in some changes in the retail market.
The decision of layoffs was taken by the retail giant to improve its profits and reduce cost.
As per the Economic Times report, the employees were asked to resign. "The company has asked over 1,000 people on ground including 500 executives at its corporate office, to resign over the past few days. It also plans to have another large round of layoffs with hundreds of employees already put on performance improvement plan (PIP)," one of the employees told the publication.
Also, JioMart is planning to close down more than half of its fulfillment centers, where products are prepared and send to local stores, to improve its profits.
However, the recent acquisition of German retailer, Metro AG, by costing $344 million is also considered as an added reason for JioMart to make the changes.
Reliance Retail already has a big part of the online business-to-business (B2B) retail market in India. With the new addition of Metro's 3,500 workers, employees will be forced to leave the company or change their jobs.