In response to major losses, what strategy did Masceo implement by laying off employees and closing refineries?

The chosen strategy that Masceo implemented by laying off employees and closing refineries is the retrenchment strategy. This strategy is typically employed by companies to stabilize their operations during times of financial distress or significant losses. By reducing the workforce and closing facilities, the organization seeks to cut costs and improve its financial performance.

The goal of retrenchment is often to streamline operations, focus on core business areas, and ultimately return to profitability. It serves as a corrective measure to address inefficiencies or overextension within the company. This approach reflects a recognition of the need for significant changes in response to adverse conditions, as opposed to merely sustaining the current level of operations, which would align with a stability strategy, or pursuing growth or acquisitions.

Overall, the retrenchment strategy represents a decisive action to stabilize the organization by managing resources in a more efficient manner to navigate through challenging times.