Olx group, under which the online marketplace brand OLX operates, has decided to layoffs off 800 employees globally.
According to reports, the move comes after the Amsterdam-headquartered company, which is operating in over 30 countries around the world, is shutting down its automotive business unit Olx Autos in some markets.
Tech crunch reported that Olx Group couldn’t find potential buyers or investors in other markets, meaning that the company has shut down Olx Auto operations in Argentina, Mexico and Colombia.
Although Olx Autos will continue to sell vehicles in these markets, the company will not be accepting any new transactions, as stated on the Olx Argentina website. As for other markets, it’s unclear what’s going to happen next.
Earlier this year, OLX announced that they will lay off 15 per cent of their workforce. This amounts to 1,500 employees globally in 2023 as a part of the restructuring. They attributed the move to poor macroeconomic conditions.