Isha Ambani’s Reliance JioMart to lay off over 1000 employees with more layoffs soon

It was unheard of till now, but the threat of layoffs has arrived for Mukesh Ambani’s Reliance. First Strike, Retail Division, run by Isha Ambani. Before The Economic Times, as JioMart aligns its operations with Metro Cash & Carry, the company is laying off around 1,000 employees. Employees have reportedly been asked to resign, even though more layoffs may happen soon. Apart from retail, other divisions of Reliance Industries may be handed more pink slips.

Not only layoffs, JioMart is also planning to close more than half of its 150 fulfillment centers that supply groceries and general merchandise to local neighborhood stores. #Reliance Industries #relianceretail

– Business Today (@business_today) May 23, 2023

As per the aforementioned report, the layoffs are a part of cost-cutting measures to reduce the bulk of the department’s workforce of just 15,000 employees by two-thirds. Of the 1,000 people who have been asked to resign, 500 are executives at JioMart’s corporate office in Mumbai.

After waging a price war, #Reliance‘S #JioMart 1,000 fires to start with.#sorting

– Economic Times (@EconomicTimes) May 23, 2023

A person in the know told ET that more employees have been put on PIP (Performance Improvement Plan). The salary of some has been reduced with variable pay as the company has reduced the fixed salary. Adding to Metro Cash & Carry’s permanent workforce has resulted in many job roles overlapping. Metro has a permanent workforce of 3,500 employees. Reliance Retail Ventures to acquire Metro Cash & Carry in December 2022 for Rs 2,850 crore.

Meanwhile, apart from the layoffs, the company is also planning to close nearly half of its 150 fulfillment centers for JioMart.

See also: ‘I’m struggling to process reality’, Amazon employee shares her terrifying experience amid layoffs

See also: More layoff stories on Mashable India