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DFI Retail Group, Parent Co. of Wellcome & Mannings, Said to Lay Off Staff in HK
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DFI Retail Group, which operates Wellcome, Mannings and 7-Eleven in Hong Kong, planned to lay off employees in Hong Kong, according to the South China Morning Post. CEO Scott Price said in an internal email that measures will be taken to streamline operations, including layoffs and some job outsourcing, to meet customer expectations for lower prices. However, the number of affected employees was not disclosed. Over the past five years, the Company has faced a significant increase in support function costs, Price added. Although these costs have been passed on to consumers, he believed that the situation is unsustainable and inconsistent with the Company's business objectives. AASTOCKS Financial News Website: www.aastocks.com |
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