ShopClues continues to reduce workforce, lays off around 200 employees
The fashion focused e-commerce platform ShopClues has laid off around 200 employees and it continues to downsize its workforce in lieu of finding a buyer.
ShopClues, which had around 500 employees, has laid off 200 in a move to downsize its workforce, the Press Trust of India reported. The business had already downsized over the past two years from a workforce of over 700 in 2017.
"We have always been an employee first company and have ensured that impacted employees, if any, are out placed proactively," the business told the Press Trust of India about the recent restructuring. The business also said that the move is part of a gradual workforce reduction as the business leverages technology.
ShopClues has been in and out of talks with another larger e-commerce firm Snapdeal over a potential acquisition of its business. However, Snapdeal decided not to acquire ShopClues, at least for now, following the results of the due diligence investigation it carried out with Ernst & Young.
The business, which primarily caters to non-metro shoppers, saw losses of Rs 208 crore ($31.3 million) during the 2019 financial year.
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