One of India’s biggest textiles and apparel maker Raymond has fired hundreds of employees across the board. The layoffs began as early as February — the group debt was already too high and a slowing economy was squeezing the cash flow — and the COVID-19 crisis only made it worse, sources told Business Insider on the condition of anonymity.
Not just that, for those who lost their jobs, many of them are complaining that they didn’t receive the promised severance pay.
Just like Indiabulls, the story of Raymond layoffs caused a stir on social media, not on Twitter but on Reddit. A blog post that went viral alleged that 1,100 people have been asked to leave, which would account for about 15% of the workforce of the company, which had 7,087 permanent employees at the end of March 2019. However, sources close to the management told Business Insider that the total number of employees laid-off may not exceed 700.