India’s hospitality unicorn OYO has been involved in restructuring its business to move towards profitability. The latest step in that direction has been layoffs in the United Kingdom (UK) market.
A report by Yahoo Finance UK said that OYO was involved in a 30-day consultation with UK staff and concluded the process last Friday. As a result, around 50 to 100 staff have been let go, which is 10-20% of the company’s UK workforce.
The report added that more exits can be announced in the next few weeks— either due to layoff or due to failing ‘performance improvement plans’, which report claims is due to “unrealistic” targets.
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