Hospitality company Selina, an Israeli-founded firm that went public in October 2022 via a SPAC merger at a $1.2 billion valuation, is laying off about 350 employees as part of urgent cost-cutting measures. This reduction, announced in June 2023, leaves the company with roughly 2,000 employees, meaning the layoffs affect approximately 15% of its workforce. The cuts come as Selina faces severe financial strain, having burned through cash and posted a $200 million loss on $183 million in revenue for 2022. With its market cap plummeting to around $120 million and only $23 million in cash as of March, the company is halting expansion, closing unprofitable properties, and consolidating offices to prioritize profitability over growth.
