Shillong, May 23: Reliance, the company that operates the e-commerce site JioMart, has let go of almost 1000 workers, reports suggested.
The company intends to eliminate about 9,900 posts in the next few weeks. The reason behind this is because the large Indian retailer wants to concentrate on increasing its revenue and earnings.
In the past few days, the corporation has asked nearly 1,000 employees, including 500 executives at its corporate office, to quit. With hundreds of staff currently on a performance improvement plan (PIP), it also intends to conduct another significant round of layoffs.
JioMart used to have extremely low costs, and conventional distributors were concerned that this might have an impact on their supplies. However, JioMart is currently concentrating on increasing their profits and decreasing their losses. Consequently, they modified their approach.
JioMart intends to close more than half of its centres in order to increase earnings. Products are prepared and sent to nearby stores from these facilities. At the same time, Reliance Retail acquired the Indian operations of Metro AG, a German retailer. Another factor driving JioMart’s decision to make these modifications is the $344 million cost of the acquisition.