After merger talks with Flipkart fail, Snapdeal to cut 83% of its workforce
The firm decided to sack around 1,000 employees out of their present workforce of 1,200 LATEST NEWS : E-commerce major Snapdeal on Monday revealed that it is facilitating a major layoff in the company, with an agenda to cut down 80 per cent of its employee strength. A senior official of the company told ANI that the management has given verbal instructions to their department heads to prepare the list. Additionally, the official also revealed that the owners of the firm have reversed the merger which was to take place between Snapdeal and Flipkart. Rather, with the money from the sale of Freecharge received ($50 million), the firm has decided to sack around 1,000 employees out of their present workforce of 1200, and carry forward with the remaining. In July last year, the company had over 9,000 employees. However, the management cut down the talent pool down to 1200, without any notice. While the remaining employees are backing the Flipkart-Snapd...