Oyo plans to cut another 5,000 jobs
Oyo Hotels and Homes signalled another round of job cuts, the largest so far.
The ongoing business restructuring will see about 5,000 jobs culled from the wage bill as it seeks profitability over turbo-charged growth.
It represents a workforce cut of about 17%, says CEO Ritesh Agarwal.
It started laying off employees earlier this year after losses widened to $335 million despite a big jump in revenues.
Hardest hit will be China with about half of its 6,000-strong direct workforce losing their jobs, according to sources, Bloomberg reported.
"In China, the coronavirus has hit us and in specific provinces, we are trying hard to keep hotels open, as many as possible. It’s a tough time for our hotel partners," Agawal said.
"In our previous phase, we added a lot of properties to our platform and built the brand and mindshare. Our first focus of 2020 is growth with profitability."
Amid its rapid rise to prominence, Oyo has faced heavy criticism from hotel partners in India, China and the US accusing it of reneging on agreed contracts with guaranteed income.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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