Reliance Retail to lay off 900 in select departments

Anandita Singh Mankotia
Posted: Thursday, Dec 04, 2008 at 0400 hrs IST
Updated: Thursday, Dec 04, 2008 at 0400 hrs IST

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New Delhi: Reliance Retail and the AV Birla-owned More stores has been supply chain bottlenecks. Despite this, companies have been ramping up the number of stores—to as high as 800 in Reliance Retail’s case—but procurement hasn’t kept pace.

The good news has been a softening of rentals, which have fallen by over 20% and are expected to go down by as much as 40% in the next few months.

Price of crisis

• Half are on firm’s rolls, rest with outsource agencies

• Firm says report on layoffs is ‘factually incorrect’

• Most organised retail firms are downsizing to cut costs

• Company now to develop only one vertical at a time...

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