COVID-19 is becoming the biggest pandemic that has happened in recent times. With the lockdown 3.0 more and more businesses are getting impacted. Fitness chain, Cure. Fit has announced the shutting down of operations in some parts of the country and also in the UAE.
In an announcement, the company mentioned that given the current pandemic and restrictions across the country, the business is going through significant changes. The lockdown has affected all our business offerings and we do not see the situation improving for quite some time, considering the pandemic spread has affected all the markets we operate in. This unprecedented situation has forced us to close operations in small towns in India and the UAE.
The announcement read, “While we are doing everything we can to solve for customers, we also need to adjust to the new realities and manage costs to ensure the long term viability of the business. We have downsized our employee base across markets where we have shut operations and have initiated pay cuts across levels. The founders have taken a 100% pay cut, the management team 50% and the rest of the staff depending on seniority have a reduction of 20 to 30%.”
90% of the company’s trainers will remain associated with the company and moved to a fixed plus variable model to tide over the crisis. All employees’ part of the downsizing have been provided with a significant severance package to help them with the current situation, including extended health insurance for them and their families.
The announcement added that the company will provide them with full assistance in placing them. We have also created an emergency fund of Rs 2 Cr to support affected employees in the coming months.
CureFit is an integrated platform that offers services such as health, wellness, and food through multiple brands, including a chain of fitness centers under the brand CultFit, healthcare clinics called CareFit, and mental wellness service under the brand MindFit and food services Eat. Fit.
image source- Cure fit.com