OYO Layoffs
May 2020
OYO announced a layoff affecting 150 employees in May 2020. The company operates in the Travel sector.
150
May 1, 2020
About
Indian hospitality startup OYO, valued at $10 billion and backed by SoftBank, is laying off 150 to 200 of its roughly 300 UK employees, representing a reduction of 50-67% of its workforce there. The company, which operates a platform for booking budget hotel rooms, announced the redundancies in late March 2020, citing the severe impact of the COVID-19 pandemic. UK chief Rishabh Gupta stated that hotel occupancy had plummeted by 80%, forcing the company to align costs with drastically reduced revenue. This move came just weeks after the CEO had assured staff of minimal layoffs, highlighting the rapid and severe economic shock caused by the global health crisis.
Source
View Sourcewww.yahoo.comRelated Events
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