OYO to sack thousands of employees
Oyo is restructuring and it is also planning to sack thousands of employees. It has been reported through Bloomberg that Oyo is terminating thousands of employees. It has been said that US and China employees will also suffer from this major development at the Oyo.
More than 25,000 employees will be affected by this development. Oyo has raised 2.5 Million from the recent investments and the aggressive expansion has infact resulted in the chaotic assembly of the pieces and the chess game fell to the ground.
Pawns are first to suffer and that is the reason employees are first to go and almost 25,000 employees are here to trim. Coronavirus is also to be blamed as China has seen the decrease in demands of hotels as the virus spread increased. It has hurt the company’s prospects and the saw the fall of mighty Oyo.
Oyo was backed by Softbank,and now it is facing doomsday and one of the reason is novel coronavirus as well.
Though it seems that coronavirus and more problems has lead to deepening of the wounds of Oyo.