Citymall, a social commerce company, has announced the firing of 191 workers in order to fit its “changing business strategy and current economic climate”.
The firm announced on the professional networking site LinkedIn on Sunday evening that it has decided to lay off a section of its workforce after considering all possibilities.
Citymall stated that in order to adapt to the present climate, certain functions inside the organization have to be eliminated.
Citymall, which secured $75 million in March, is the latest addition to a growing number of new-age firms that have been reducing their employees in order to lengthen their financial runway due to a slowdown in investment.
“Each and every employee affected by this layoff has contributed to building Citymall to what it is today, and this is one of the toughest decisions the company has ever had to make,” the company said.
