El Corte Inglés Announces 3,000 Voluntary Redundancies

EL CORTE INGLÉS announces 3,000 voluntary redundancies in its biggest employment adjustment to date

Spanish retail giant El Corte Inglés has confirmed on Friday, February 26 that it will present its biggest employment adjustment in history to unions tomorrow, which will consist of some 3,000 voluntary redundancies. The company will propose the voluntary termination plan to be spread across its entire staff with permanent contracts within the SA sector and not the group as a whole. If it goes ahead, it will mean a 5 per cent reduction of the 63,000 staff they currently have on the books.

Of the 3,000 job losses, 2,500 will be from staff working in their stores while a further 500 will come from the corporate services.

El Corte Inglés is Spain’s only remaining department store chain; it is the biggest department store group in Europe and ranks third worldwide.

“The objective is to adapt to new circumstances and adapt the needs of the company to current needs,” a company source told ABC.

Earlier in the month, the board of directors of El Corte Inglés announced that they had begun negotiations to buy the shares held by the former president of the group Dimas Gimeno and his mother, María Antonia Álvarez, for €145 million.

At the height of the pandemic, the retailer was celebrated for vowing to process ERTE applications for some 22,000 staff members to guarantee 100 per cent salaries when the stores were forced to close.

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