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McLaren to lay off 1200 employees amid pandemic crisis
The McLaren Group is set to part ways with 1200 members of its staff from both its automotive and racing segments as part of a major restructuring effort amid the coronavirus crisis. The global economic downturn is taking its toll on the automotive sector, forcing manufacturers to initiate contingency plans to mitigate the financial impact of the crisis. McLaren furloughed in April a portion of its F1 staff as part of the Coronavirus Job Retention Scheme, while the group is seeking to raise £275 million of capital to help weather the current storm. McLaren could mortgage MTC and historic collection to raise funds Reports indicate that 70 workers will be cut from McLaren's F1 operation...
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