A sign in the window of a MacDonald’s restaurant informs customers that it is closed on a quiet Kings Road in London on April 14, 2020, as life in Britain continues during the lockdown aimed at slowing the spread of COVID-19. – Britain’s economy could shrink by 13 percent in 2020 in the case of a three-month coronavirus lockdown, according to a scenario published Tuesday by fiscal watchdog the Office for Budget Responsibility. (Photo by JUSTIN TALLIS / AFP)
Imperial Logistics is set to lay off about 1,000 of its employees in South Africa.
The company said this is to ensure “restructuring and cost-cutting” procedures with impact from COVID-19 lockdown.
Imperial boasts of about 25,000 employees from around the world and the laying off will essentially have an impact on its transport and warehousing business.
The group also mentioned that it is ready to take hold of opportunities that come around after the pandemic.
This includes tactical acquisitions.
Moreover, due to the impact of COVID-19, Imperial was put on a massive loss of about R4 billion in revenue which translates to about R1 billion within the period of March to May.
Since Imperial is also involved in tobacco and liquor sectors, its logistics business massively went down when it was closed for majority of the lockdown period.
20 percent of the company’s revenue is gotten from logistics in South Africa.
