Hisense Europe Group forced to cut the number of employees due to severe economic impact of coronavirus pandemic

Following the announcement of the global COVID-19 pandemic and the epidemic in Slovenia in mid-March, we have already seen a decline in household appliances orders in March 2020. The trend continues in April. As a result of state measures to ban the sale of goods and services to consumers, the sales of household appliances have fallen dramatically both locally and in most European countries, where restrictive measures have been implemented. In the first quarter of 2020, we recorded a significant loss, a large majority in March. In the second quarter of 2020, in April and May 2020 we expect an additional loss and, due to the effects of the coronavirus pandemic and completely changed circumstances on the markets, and a significantly worse performance than the original estimates for the period, which predicted a profit of € 1.1 million. Hisense Group is therefore forced to implement various crisis measures, among which is also reduction of the number of employees in all companies in the Group. In doing this, all Hisense Europe Group companies will strive to minimize redundancies by using soft methods of staff reductions, including the disinvestment of non-core companies, outsourcing, consensual leave, retirement, etc. We will also focus on sales increase, speeding up the e-commerce business and other operational adjustments to ensure the survival of the company in the expected global recession, following the coronavirus pandemic.