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CEO Chris Kempczinski told The Wall Street Journal that "some jobs that are existing today are either going to get moved or those jobs may go away."

McDonald's to begin layoffs this year confirms CEO: Reports

CEO Chris Kempczinski told The Wall Street Journal that "some jobs that are existing today are either going to get moved or those jobs may go away."

Fast Food giant McDonald's has announced staff reductions in April this year, according to a report by Wall Street Journal.
In an internal memo to employees on 6 January, McDonald's CEO Chris Kempczinski said they are planning to cut some corporate workforce to reduce costs and free up resources to invest in growth.
"Certain initiatives will be de-prioritised or stopped altogether. This will help us move faster as an organisation while reducing our global costs and freeing up resources to invest in our growth," he said in the memo.
However, the CEO claimed in the memo that these layoffs were necessary to "innovate faster and work more efficiently" rather than to reduce costs.
McDonald's plans to communicate its decision around layoffs by April 3.
Also Watch:<a href="https://www.editorji.com/business-news/why-is-tesla-slashing-car-prices-in-china-for-second-time-in-3-months-1672987257837">Why is Tesla slashing car prices in China for second time in 3 months?</a>

Future Enterprises Ltd (FEL) has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan.
This is the second default by FEL this month.
The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.
"The company was not able to discharge the aforesaid obligations to respective banks/lenders, on due date," it said.
On March 25, the Future Group firm had informed about defaulting on repayment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the OTR (One Time Restructuring Plan). The deadline for the repayment was March 23.
The group's leading company Future Retail Ltd defaulted on payment of Rs 3,494.56 crore to banks in January under the OTR plan.
FEL is a part of Rs 24,713 crore deal announced by the Future Group in August 2020, under which it is to sell 19 companies operating in retail, wholesale, logistics and warehousing assets to Reliance Retail.
All 19 companies would be consolidated into one entity -- FEL -- and then transferred to Reliance.
In April, Future Group companies will be conducting meetings of their respective shareholders and creditors between April 20 to April 23, 2022 to seek their approval for the Rs 24,713 crore deal

Biyani backed Future Enterprises defaults on loan repayment

Future Enterprises Ltd (FEL) has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring pla

<ul>
<li>Biyani&nbsp;backed&nbsp;Future Enterprises defaults of Rs 19 cr loan to banks&nbsp;</li>
<li>This is the second default by Future Enterprise this month&nbsp;</li>
<li>Future Enterprise defaulted on Rs 94 cr loan earlier in March&nbsp;</li>
<li>Future Retail defaulted on payment of Rs 3,500&nbsp;crore to banks in January&nbsp;</li>
<li>Biyani's&nbsp;19 enterprises under duress as sale to Reliance awaits full clearance&nbsp;</li>
</ul>

The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing

Future Enterprises Ltd (FEL) has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan.
This is the second default by FEL this month.
The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.
"The company was not able to discharge the aforesaid obligations to respective banks/lenders, on due date," it said.
On March 25, the Future Group firm had informed about defaulting on repayment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the OTR (One Time Restructuring Plan). The deadline for the repayment was March 23.
The group's leading company Future Retail Ltd defaulted on payment of Rs 3,494.56 crore to banks in January under the OTR plan.
FEL is a part of Rs 24,713 crore deal announced by the Future Group in August 2020, under which it is to sell 19 companies operating in retail, wholesale, logistics and warehousing assets to Reliance Retail. Read/Watch Also: <a href="https://www.editorji.com/business-news/gloves-come-off-as-amazon-calls-ril-future-deal-fraud-in-public-notice-1647322443175">Name calling begins between Amazon, Biyani</a>
All 19 companies would be consolidated into one entity -- FEL -- and then transferred to Reliance.
In April, Future Group companies will be conducting meetings of their respective shareholders and creditors between April 20 to April 23, 2022 to seek their approval for the Rs 24,713 crore deal

PVR-Inox Merger Latest News: In a surprise move India's largest movie theatre chain PVR is merging with it's closest competitor Inox Liesure.The merger will be carried in a share exchange (“swap") ratio where 3 equity shares of PVR will be swapped for 10 equity shares of INOX.
PVR and INOX Leisure combined will create the largest chain of film theatres in India operating 1546 screens across 341 properties across 109 cities. Though the existing screens will not undergo any brand changes new cinemas opened post the merger will be christened PVR INOX.Pavan Kumar Jain would be appointed as the non-executive chairman, while Ajay Bijli would be appointed as the MD and Sanjeev Kumar would be appointed as the executive director.
Ajay Bijli stated, “This is a momentous occasion that brings together two companies with significantly complementary strengths. The partnership of these two brands will put consumers at the centre of its vision and deliver an unparalleled movie going experience to them. The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long-term survival of the business and fight the onslaught of digital OTT platforms.”

PVR - Inox Leisure: The mega merger to fight off the OTT obsession

PVR and INOX Leisure combined will create the largest chain of film theatres in India operating 1546 screens across 341 properties across 109 cities. Though the existing screens will not undergo any brand changes new cinemas opened post the merger will be christened PVR INOX.

PVR - Inox Leisure: The mega merger to fight off the binge culture 

The merger will be carried in a share exchange (&ldquo;swap") ratio where 3 equity shares of PVR will be swapped for 10 equity shares of INOX. Ajay Bijli, founder of PVR&nbsp;will remain to be MD of the new entity. The merger will however take 6-8 months to close after getting the required regulatory nods.&nbsp;
But despite the top two players merging it may not evoke or require a nod from the competition watchdog CCI&nbsp;as the&nbsp;as the combined revenues of the two companies are well below Rs 1,000 crore due to Covid-led disruptions.
With 667 screens and a market capitalisation of Rs 5,000 crore, INOX is currently the second largest multiplex chain.
PVR has a market cap of around Rs 10,000 crore and 860 screens.

The merger will be carried in a share exchange (&ldquo;swap") ratio where 3 equity shares of PVR will be swapped for 10 equity shares of INOX.

PVR&nbsp;Cinemas-Inox&nbsp;Leisure&nbsp;Merger Latest News: In a surprise move India's largest movie theatre chain PVR&nbsp;Cinemas&nbsp;is merging with it's closest competitor Inox Leisure limited.
Also watch/read&nbsp;|&nbsp;<a title="Two-day nationwide strike from today: Here are the services affected" href="https://www.editorji.com/business-news/two-day-nationwide-strike-from-today-here-are-the-services-affected-1648432995213" target="_blank">Two-day nationwide strike from today: Here are the services affected</a> The merger will be carried in a share exchange (&ldquo;swap") ratio where 3 equity shares of PVR&nbsp;Cinemas will be swapped for 10 equity shares of INOX. Also watch/read&nbsp;|&nbsp;<a title="Construction faces a crisis as prices soar, will projects be halted?" href="https://www.editorji.com/business-news/construction-faces-a-crisis-as-prices-soar-will-projects-be-halted-1648200230714" target="_blank">Construction faces a crisis as prices soar, will projects be halted?</a> &nbsp;
Pavan Kumar Jain would be appointed as the non-executive chairman, while Ajay Bijli would be appointed as the MD and Sanjeev Kumar would be appointed as the executive director. Also watch/read&nbsp;|&nbsp;<a title="Do this before March 31 else your PAN Card will become inactive" href="https://www.editorji.com/business-news/personal-finance/do-this-before-march-31-else-your-pan-card-will-become-inactive-1647865941712" target="_blank">Do this before March 31 else your PAN Card will become inactive</a>
PVR Cinemas and INOX Leisure Limited combined will create the largest chain of film theatres&nbsp;in India operating 1546 screens across 341 properties across 109 cities.&nbsp;Though the existing screens will not undergo any brand changes new cinemas opened post the merger will be christened&nbsp;PVR INOX.
Ajay Bijli stated, &ldquo;This is a momentous occasion that brings together two companies with significantly complementary strengths. The partnership of these two brands will put consumers at the centre of its vision and deliver an unparalleled movie going experience to them. The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long-term survival of the business and fight the onslaught of digital OTT platforms.&rdquo;

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