Connect with us

Headlines

De Beers Likely to Lay Off Workers Due to COVID-19 Pandemic

The company has 20,000 employees in all.

mm

Published

on

De Beers will probably have to eliminate jobs as it copes with decreased demand because of the COVID-19 pandemic, the company’s CEO said.

The diamond miner is overhauling its business, and that “is likely to lead to some job losses,” said Bruce Cleaver, chief executive, according to Reuters.

He added that he “can’t tell you at this point what that number will be.”

The firm has 20,000 employees in all. Reuters reports that the overhaul will involve “a review of mining, rough sales, retail and the corporate centre.”

At $2 million, the company’s earnings before interest, tax, depreciation and amortization (EBITDA) were down sharply in the first half of 2020. De Beers reported EBITDA of $518 million for the first half of 2019.

Read more at Reuters reports

Advertisement

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular