Loft Layoffs
April 2020
Loft announced a layoff affecting 47 employees (10% of its workforce) in April 2020. The company operates in the Real Estate sector.
47
10%
Apr 17, 2020
About
In April 2020, Brazilian real estate rental startup QuintoAndar laid off approximately 8% of its workforce, affecting around 88 employees out of a pre-crisis total of 1,100. The layoffs, which occurred across all areas of the company, were a direct response to the COVID-19 pandemic, which led to a projected decline in demand for residential rental and property sales. As a unicorn valued at over $1 billion, QuintoAndar stated the restructuring was necessary to adapt operations to the new market context and ensure the company could meet its commitments. The affected employees received a comprehensive benefits package, including extended health coverage and support services. This move was part of a broader wave of layoffs across Brazilian startups and tech companies during the early stages of the pandemic.
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