For the last few months all of us are constantly seeing news about Covid-19 and its impact over the economy and our social life.
The consequences are still yet to come… But some of them are already showing off.
Sadly, a solid number of small and big businesses had to suffer and cut jobs in order to keep the organizations safe.
Oil and gas drillers like Whiting Petroleum and Diamond Offshore filed for bankruptcy in late April.
Levi’s cuts 700 jobs or about 15% of its staff. The company hit a 62% fall in sales in its most recent quarter. Levi’s reported a loss of $364m (£290m) in the three months to 24 May, compared to a profit of $29m in the same period last year. Levi’s said it hoped to save about $100m with the office job cuts – one of several moves the firm is making in response to the pandemic downturn.
Burger King is taking in consideration cutting jobs as well. Those closures could lead to more than 1,600 lost jobs and about 10% of closed restaurants, as a result of lack of resources for rental payments.
British fashion retailer Debenhams, where are working more than 20,000 people, has struggled to stay afloat with its stores and closed for the second time in the last year. It is liquidating its business in Ireland and permanently closing its 11 stores there.
The ALDO Group, a Montreal-based shoe retailer that operates about 3,000 locations in more than 100 countries, filed on May 7 under pressure from store closures.
The list can go on and on since a significant number of organizations from different fields failed and signed for bankruptcy, due to the difficulties brought by the virus.
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