Oyo Furloughs Thousands of Employees Globally Except for India
Photo Credit: Pictured is the Oyo 101 Click Hotel in Dubai. Oyo announced thousands of furloughs and temporary leaves. Oyo Hotels and Homes.
Skift Take
Oyo put in place a substantial number of furloughs — likely in the thousands — and there are probably many more to come after the India lockdown ends. The Oyo that emerges will look different than the rocket ship of a year ago. Withdrawing from certain markets will certainly have to be under consideration.
Oyo put thousands of workers on furloughs, likely covering every market other than its home base of India as it faces what founder and CEO Ritesh Agarwal termed a "balance sheet runway" that's impacted by a 50 to 60 percent plunge in revenue and occupancy,
Oyo officially said it began carrying out furloughs and temporary leaves of "a certain number of employees in the U.S. and other countries," although this could include a small number of layoffs, too, according to Agarwal's video message to employees and other stakeholders. [See the video and full transcript embedded below.]
A source close to the company said the layoffs numbered in the "thousands," and covered all of Oyo's markets except India. That country would likely be hit, as well, when its 21-day coronavirus lockdo
