55Tuan Denies Rumors of 70% Workforce Cut
DoNews, 9/28/11
Xu Maodong, CEO of Chinese group buy site 55Tuan, has denied rumors that the company has laid off 70% of its staff, claiming that the worst performing employees are let go in each branch every month according to standard practice. These layoffs account for less than 10% of total staff in each office, and at most the number of fired personnel is in the dozens.
Xu also denied reports that 55Tuan is no longer able to pay its significant marketing costs due to lack of funding, countering that the company is facing no funding difficulties.
Keywords: B2C Internet marketing funding Xu Maodong 55Tuan e-commerce HR group buying
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