- Qoo10 lays off 80% of Singapore staff
- Financial troubles in Korea triggered the cuts
- Company’s future remains uncertain amid drastic downsizing
Shocking Layoffs Hit Home
Qoo10, a homegrown e-commerce platform, has reportedly cut over 80% of its Singapore-based staff in the past two weeks.
The company’s once-bustling two-story office now stands eerily empty, with only about 20 employees remaining to keep the platform running.
Financial Woes Spark Downsizing
The drastic downsizing follows reports of Qoo10’s South Korean operations defaulting on payments to merchants and consumers.
With limited funds, the company was unable to offer benefits to the 90 retrenched staff members, who were primarily Singapore citizens.
What’s Next for Qoo10?
Speculation is rife about Qoo10’s future, with some former employees suggesting a potential sale of assets or complete shutdown.
Meanwhile, Singapore’s Ministry of Manpower is closely monitoring the situation, and labor unions stand ready to support affected workers if needed.
