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Rumor: Shanghai Branch Cuts Staff by 66%

DoNews, 9/24/11, a Chinese group buy site unaffiliated with US firm Groupon, has laid off 40 out of 60 employees at its Shanghai branch, according to an industry insider. reportedly had a marketing budget for H1 2011 in the nine-digit RMB range, but after a new round of funding fell through, the company had insufficient funds and was forced to conduct large-scale layoffs in order to cut operating costs.

Spokespeople for have yet to comment on the above news, but did make an earlier statement saying that recent changes within the company have all been part of standard personnel restructuring measures.

Keywords: Internet marketing e-commerce HR group buying funding

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