McLaren lays off 1,200 employees as coronavirus hits luxury car sales
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Mclaren Group Limited has planned to cut about 1,200 jobs to help counter the financial impact of the coronavirus pandemic. The layoffs will impact the applied technologies, automotive and racing businesses, as well as support and back-office functions. The company has struggled in recent months to raise cash after bondholders sought to block plans by the company to raise emergency funds by mortgaging its headquarters.