Fawaz Abdulaziz Alhokair, the Saudi clothing retailer has reported a $182M full-year loss and has had to cut staff pay and is considering further measures.
“Alhokair has temporarily implemented additional company-wide salary reductions,” it said in a statement. “Additional measures are being considered that may have an impact on the company’s existing store network and headcount should Covid-19-related challenges continue.”
Like countries across the world, Saudi Arabia locked down its cities and shut businesses to avoid the spread of the virus. It has impacted Fawaz Abdulaziz Alhokair and it has directly led to cutting staff pay after a full year loss of $182M following making a profit last year.
“We have significantly cut operating expenses and are continuously streamlining our supply chain process by strengthening of our supplier relationships and with investments in technology,” said CEO Marwan Moukarzel. “Current market circumstances have spurred us to expedite the rollout of several new online platforms,” he added.
