Spencers the prominent retail chain is shutting down most of its 30 stores in the state. Reliance has announced and implemented massive layoffs in its chain of stores. Stores like Subiksha are reeling under huge inventories and lack of shelf space. Most of these stores are caught under the impact of high rentals (that they agreed upon at the peak of the real estate boom) and falling customer demand. Rising advertising costs are also impacting their bottom lines as most of these retail outlets are unable to maximize the impact of their marketing efforts in these times of recession. Reliance is expected to lay off 70 people in Hyderabad alone and according to sources close to the Company around 250 people will be laid off in the state. As reported earlier Magna has trimmed down its staff by over 40% in the past two months.
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