💼 Qoo10 slashes workforce in Singapore
Qoo10, the homegrown e-commerce platform, has let go of 90 out of 110 employees from its Singapore office. The layoffs took place over the last two weeks of August 2024. Reports indicate that over 80% of the workforce was impacted, leaving behind only 20 employees, primarily senior management. The company’s two-story office now has empty desks, and staff are left wondering about the platform’s future.
💸 No benefits due to lack of funds
One concerning aspect of the layoffs is that affected employees were reportedly not offered any severance or benefits. “There was simply no money,” revealed a former employee. Most of those affected were Singapore citizens, with only three foreigners impacted. Workers received letters from Qoo10 apologizing for the layoffs, but the financial strain on the company was evident.
📉 Problems in South Korea spark local layoffs
Qoo10’s financial difficulties began in its South Korean headquarters, where it defaulted on payments to local merchants and customers. As soon as these issues surfaced, Singapore employees were warned about possible impacts. The first round of layoffs began on August 13, 2024, affecting nearly all departments except for Human Resources. Now, the remaining staff are primarily focused on keeping daily operations running.
🏢 Future uncertain for Qoo10 Singapore
Despite these drastic layoffs, Qoo10 continues to operate, although speculation is growing about whether it might sell off its assets or shut down entirely. “The office is practically empty,” said one employee, estimating that fewer than ten people are currently working in the office. Meanwhile, Singapore’s Ministry of Manpower has confirmed it is monitoring the situation, offering support to affected employees if needed.
Will Qoo10 survive these financial troubles?
