Qoo10 has laid off over 80% of its Singapore workforce, reducing staff from 110 to about 10, amid financial troubles linked to defaults in South Korea. The layoffs, affecting mainly Singapore citizens, follow a news report of Qoo10’s South Korean operations failing to meet payment obligations.
Qoo10 downsize
Remaining staff are focused on daily operations, with speculation about the company possibly selling assets or shutting down. The Ministry of Manpower is monitoring the situation, and the labour movement is prepared to offer support to affected employees. Despite the cuts, Qoo10 continues to operate, though its future is uncertain.