Sa Sa slashes jobs and salaries in Hong Kong
Hong Kong cosmetics retailer Sa Sa Holdings will axe 3% of its 2,500 employees in the city and up to 40% of their salaries for three months as it looks cut escalating losses amidst the coronavirus outbreak.
The company’s sales in Hong Kong has taken a beating from the anti government protests which has kept visitors especially from mainland China. And the recent coronavirus outbreak has seen their sales plunged 77.9% in the first week of the Lunar new year.
“Sa Sa, like all of our peers in retail, has been hit hard by the negative market environment. We are taking a slew of measures to save costs,” the company said in a statement.
“We hope all employees and everyone understands the difficulties Sa Sa is facing, and that we can tide over these difficult times together, and power through this dire situation.”
The cuts at Sa Sa translate into 75 jobs lost, while senior management will take a 40% pay cut for three months. Other staff will take pay cuts of between 10% and 15%.
Through these measures, Sa Sa is aiming to save up to 30% of its costs in the short term.