India’s Top Gold Seller Announces Closure of Operations

SEATTLE (Scrap Monster): Titan Company Ltd.- the nation’s leading jeweller retail chain by market value, announced closure of its offices and retail outlets, in response to government’s call to effectively address the spread of dangerous coronavirus epidemic in the country.

The press release by the company noted that it has already implemented work from home policy for all of its offices across India effective March 17, 2020. The policy will be in place until the time when the company believes that it is safe to work from offices. The policy reflects the company’s concern with regards to the welfare of its employees, said the press release.

Also, all of its manufacturing units in all businesses across the country will remain closed for a period of one week starting from March 23, 2020. The further course of action will be decided after analyzing the situation at the end of the shutdown period.

On account of huge decline in footfalls, the company’s retail outlets have been operating with reduced staff strength. Further, the company has decided to shut all of its retail stores, including company-operated as well as franchisee-operated across all its brands until 29^th March, 2020.

The gold demand in India has tumbled amidst record high prices and economic slowdown.

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