More

    Getir cuts over tenth of global workforce

    Photo by PAUL ELLIS/AFP via Getty Images

    Turkish rapid grocery delivery firm Getir said Tuesday it was slashing over a tenth of its global workforce in a bid to stem losses and keep its foothold in the US and parts of Europe.

    The announcement follows Getir’s retreat from France and decision to wind down operations in Italy, Spain and Portugal.

    Getir said it was laying off 2,500 additional “couriers, warehouse and office workers”, representing 11 percent of its 25,000 remaining staff.

    The layoffs will come in five countries where Getir intends to maintain operations – Turkey, Germany, the Netherlands, the UK and the US.

    “We have decided to restructure our global organisation in order to significantly increase our operational efficiency,” the company said in a statement released to AFP.

    “We will implement this difficult decision… in full compliance with the laws of the countries in which we operate.”

    Founded in Istanbul in 2015, Getir won substantial financial backing from investors such as the California-based investment funds Sequoia Capital and Silver Lake as well as the Emirati sovereign wealth fund Mubadala.

    Getir reached its zenith during the coronavirus pandemic, when restaurant and grocery deliveries boomed.

    A self-proclaimed pioneer in ultra-fast grocery delivery, it expanded to nine countries on three continents, entering the Spanish market towards the end of 2021.

    But its rapid expansion never resulted in profits, and Getir has been downsizing for much of the past year.

    Getir was valued at $12 billion during its last attempt to drum up funding in March.

    The company is now reportedly seeking an additional $500 million in funding to maintain operations.

    The funding drive is being spearheaded by Mubadala, signalling continued interest from the Abu Dhabi-based team.

    “We will lead the sector in the coming period, preserving our belief in the future of this business model,” Getir said.

    (AFP)

    Latest

    M&S to open 10 new convenience stores

    Marks & Spencer (M&S) has revealed that it is...

    UKVIA applies to join CTSI Approved Code scheme

    The UK Vaping Industry Association said it has initiated...

    Persistent Greenwich shoplifter jailed again

    A persistent shoplifter who stole more than £6,000 of goods...

    Nestlé brings in Niamh Twyford to lead confectionery business in Ireland

    Nestlé Ireland has announced the appointment of Niamh Twyford...

    Don't miss

    M&S to open 10 new convenience stores

    Marks & Spencer (M&S) has revealed that it is...

    UKVIA applies to join CTSI Approved Code scheme

    The UK Vaping Industry Association said it has initiated...

    Persistent Greenwich shoplifter jailed again

    A persistent shoplifter who stole more than £6,000 of goods...

    Nestlé brings in Niamh Twyford to lead confectionery business in Ireland

    Nestlé Ireland has announced the appointment of Niamh Twyford...

    Nescafé introduces KitKat Hot Chocolate pods 

    Nescafé has launched its latest innovation for its Dolce...

    M&S to open 10 new convenience stores

    Marks & Spencer (M&S) has revealed that it is on track to open 10 new convenience stores this year while renewing up to 50...

    UKVIA applies to join CTSI Approved Code scheme

    The UK Vaping Industry Association said it has initiated the application process to become part of the Approved Code scheme of the Chartered Trading...

    Persistent Greenwich shoplifter jailed again

    A persistent shoplifter who stole more than £6,000 of goods from a Greenwich BP store has had more prison time added to his eight-month sentence.  According to local...