British supercar maker McLaren Group said on Tuesday it would cut 1,200 jobs under a proposed restructuring programme as it deals with the impact of the COVID-19 pandemic.
The move is expected to impact jobs across the group’s applied, automotive and racing businesses, the company said in a statement.
The cancellation of motorsport events, the suspension of manufacturing and retail activities around the world and reduced demand for technology solutions have led to a sudden impact on the group’s revenue generating activities, the company added.
“It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business. But we have no other choice but to reduce the size of our workforce,” said Executive Chairman, Paul Walsh.
The job cuts represent more than a quarter of the group’s workforce of just over 4,000, according to Sky News, which first reported the news.