Israeli retail fashion chain Fox Group is set to furlough 30% to 50% of its staff in the country amid the ongoing war, reported the Times of Israel.
In a filing to the Tel Aviv Stock Exchange, the retailer said that the decision will impact employees in the retail chain’s shops and stores.
It will put the workers on unpaid leave for a period of 30 days.
Fox will also cut the pay by 20% for employees working in the group’s headquarters and who are not furloughed.
Following the announcement, the online newspaper reported that the retailer’s shares on the Tel Aviv Stock Exchange dropped by more than 4%.
The publication quoted the retailer as saying: “In the shadow of the great uncertainty surrounding the duration and magnitude of the war, the group has started to take steps aimed at cutting expenses and reducing the economic damage in this challenging period to enable a return to regular activity in Israel when the time comes.”
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Fox operates a network of more than 1,000 stores across Israel, Europe and Canada.
Earlier this month, H&M and Zara owner Inditex closed their franchise stores in Israel following the latest conflict.
Citing reports from de facto authorities in the area, the United Nations reported that the current conflict has killed more than 5,000 people in Gaza.