OLX to lay off 800 employees: The company has suspended operations in Argentina, Mexico, and Colombia

The online marketplace and classifieds business process outsourcing company, OLX Group, has decided to lay off 800 employees. The company has announced global-level layoffs.

According to TechCrunch, the company has initiated the closure of its automotive business unit, OLX Autos, in several markets. This layoff is not limited to a specific department. The company is in the process of informing affected employees about its decision.

OLX has made a strategic decision to withdraw from the automotive business in Argentina, Mexico, and Colombia. In an email sent to TechCrunch, the company stated that at the beginning of this year, they had made a complex decision to exit the automotive business and subsequently began searching for potential buyers and sellers. This move includes the inclusion of auto transactions in Chile, Latin America, India, Indonesia, and Turkey.

Due to the uncertainty caused by the potential impact on buyers and sellers, OLX Group has chosen to suspend operations of OLX Autos in Argentina, Mexico, and Colombia. At the moment, the company’s future plans regarding these markets remain uncertain. They have expressed their commitment to assisting all affected individuals during this period.

In January, OLX announced its plan to lay off 15% of its global workforce. The company made this decision due to its challenging financial situation.

As of March 31, 2022, OLX had a total of 11,375 employees globally, as stated in their annual financial report for that fiscal year. The majority of these employees are associated with OLX’s core business.

The decision to close down business in these countries is likely due to various factors, such as market conditions, profitability, and strategic considerations. OLX may have determined that the operations in these regions were not meeting their desired goals or that the market conditions were not favorable for continued business operations.

While this move may be unfortunate for the affected employees, OLX is taking steps to support them during this transition. The company is likely to provide severance packages and assistance in finding alternative employment opportunities.

Akash Shrivastav

My name is Akash Shrivastav, and I am a Blogger. I have 8 years of experience in blogging for Finance, Business, Investment, Stock Market, Cryptocurreny and more. Through my writing, I aim to provide readers with insightful and informative content.