The platform has announced that it will discontinue its e-commerce operations and wind down its used vehicle dealership business in order to preserve liquidity and maximise stakeholder value through its remaining businesses
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Taking to microblogging website X, Matt Pearce, President of the Media Guild of the West, said that the layoff exercise will hit many departments and clusters across the newsroom.
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The unicorn, backed by Tata Digital and Zomato as investors, now has a cash burn of roughly Rs 15 crore
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The move to restructure and streamline operations will affect approximately 530 employees
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The decision to lay off a large number of Guild-represented employees at Sports Illustrated was attributed to the Authentic Brands Group cancelling Arena's license to print the magazine
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As a result of the workforce reduction, Wayfair expects to incur between approximately $70 to $80 million of costs, consisting primarily of employee severance and benefit costs
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The unprecedented growth in terms of hiring in Tier 2 and 3 cities is certainly not a fluke, but an effective outcome of the amalgamation of pivotal factors says Veerwal, Founder & CEO, GetWork.
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The company employs approximately 5,500 individuals, which translates to a 16% reduction in overall staff
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