The Indian-budget hotel company is planning to cut about half of its 6,000 full-time staff in China. (Bloomberg)
Skip to content
The Indian-budget hotel company is planning to cut about half of its 6,000 full-time staff in China. (Bloomberg)
Talking point: Founded in 2013, Oyo, one of the flagship investments of SoftBank’s US$100-billion Vision Fund, has been called “a WeWork in the making” because of its similarities to the failed co-working-space provider: both had a charismatic CEO, aggressive expansion plans and profitability struggles. The COVID-19 outbreak has weighed on the troubled hotel chain—China’s hotel occupancy rate has plummeted since January—which was already seeing widening losses. Its latest round of layoffs follows the dismissal of 12 per cent of its staff in India and five per cent of those in China. This is another setback for SoftBank CEO Masayoshi Son, who just days ago promised to be more careful with the fund’s investment portfolio.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
People hired to promote Canadian rocket firm didn’t actually help, company alleges in lawsuit defence
Briefing
New 100% U.S. tariffs on drones take effect, hitting Canadian industry
Solomon says Canada will stick with its own AI rules after U.S., tech giants push G20 not to regulate
Ottawa defence supplier Allen-Vanguard put into receivership
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
