OYO Lays Off Employees in India & China Citing 'Restructure Plans'

OYO Lays Off Employees in India & China Citing 'Restructure Plans'

oyo oyo

New Delhi, January 11, 2020:

Indian Hospitality major OYO has once again laid off around 1200 employees in India in a bid to overcome losses and cut down on expenses.

It has also fired nearly 12,000 employees in China according to reports. The company has cited its restructuring plans in India and China as the reason behind laying off employees at a large scale.

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It may be mentioned here that OYO’s decision has come to light after SoftBank, a Japanese multinational conglomerate holding company, gave the hospitality major a deadline of March 2020 to phase out loss-making contracts, which are not EBITDA-profitable (Earnings Before Interest, Taxes, Depreciation, and Amortization).

OYO layoffs come days after its “toxic work-culture” was reported. Several other issues such as unlicensed hotels and guesthouses were also reported.

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In December 2019, there were speculations about OYO’s decision to get rid of around 2,000 of its employees by the end of January, 2020.

It may be mentioned here that OYO has emerged as one of the major hospitality entities in India. It has a portfolio of over 35,000 hotels,1,25,000 vacation homes, and over 1.2 million rooms across 80 countries and 800 cities.

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Edited By: Admin
Published On: Jan 11, 2020