REUTERS: British supercar manufacturer McLaren, which includes the Formula One team, said on Tuesday it would cut 1,200 jobs under a proposed restructuring programme as it deals with the fallout from the COVID-19 pandemic.
"It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business. But we have no other choice but to reduce the size of our workforce," Executive Chairman Paul Walsh said. McLaren were the first Formula One team to furlough staff in April because of the pandemic. They have a headcount of just over 800 people, which is expected to be reduced by around 70.Formula One is due to introduce a US$145 million budget cap next year as the sport seeks to cut costs and help the 10 teams survive.
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