Kenyan e-commerce startup Copia Global has laid off at least 1,060 employees, just two weeks after entering administration and struggling to make payroll. This significant reduction in workforce raises serious concerns about the company's future, possibly hinting at a shutdown or substantial downsizing of operations. 🛒💼

• Copia CEO Tim Steel, in a brief 20-minute meeting, asked employees to return company property and sign termination letters by June 7th.
• Employees were promised one-month salary and other benefits like accrued unpaid leave, but no clear payment schedule has been provided, causing anxiety among the workforce.
• The company has faced financial difficulties since 2022, leading to a scale-back of operations, including exiting Uganda and laying off 700 employees.
• Recently, Copia ceased taking orders from six key locations in Kenya and asked employees in those areas to take leave, reducing its operational expenditure.
• In an internal memo leaked on May 16, Copia had warned of potential layoffs or business restructuring, indicating severe financial stress.

CEO Tim Steel declined to comment further but promised updates on Friday. The situation has left many employees uncertain about their future, awaiting clarity on their due compensations. This major layoff is a pivotal moment for Copia Global, reflecting the harsh realities of operating in the competitive e-commerce landscape in Kenya. 🚀📉

Read more on TechCabal