Israeli retail fashion chain Fox Group announces it will furlough between 30% and 50% of its staff across the country because of the negative economic repercussions of the ongoing war with the Hamas terror group.
Up to 50% of the fashion group’s employees, mainly those working in the retail chain’s shops and stores, will be furloughed for a period of one month for now, Fox says in a filing to the Tel Aviv Stock Exchange.
Employees working in the group’s headquarters who will not be furloughed will be paid 80% of their salary.
Harel Wizel, CEO and owner of the Fox Group, along with other senior executives including the board chairman, announce that they are cutting their salary to 50% for 30 days.
Since Israel declared war on Hamas after 2,500 terrorists broke through the fortified Gaza border on October 7 and murdered some 1,400 people in Israel, the scope of the retail chain’s business activity has been significantly reduced, the group says.
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Sunday, October 22, 2023
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