ShopBack will remove almost a quarter of its staff as part of its efforts to become a “more focused and self-sustainable” company.“From 2Q22, when market sentiments shifted and aggressive growth became an unsustainable long-term strategy, our focus turned to cost efficiency,” Chan said.
“Over the past few months, we narrowed our focus, identified critical and durable problem spaces to excel in over the longer term, and established a more effective operating rhythm to keep us on track. As a company, we now have a clearer strategy for 2024 and beyond and a healthy cash reserve to get us there,” Chan said.
Laid-off workers will receive pay for at least two months of their notice period, in line with notice periods as per their employment contract or local statutory guidelines, whichever is longer; one month of severance pay for every full year of their service or based on local statutory guidelines, whichever is higher; and bonus equivalent to one month pay, which will be prorated if they have yet to complete a full year of service.
“I made the mistake of pursuing too many directions as a company and expanding our team too rapidly. I take full responsibility for the decisions that have led to this situation,” Chan wrote.
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