Yelp lays off 1,000 employees and furloughs 1,100 more as restaurant struggles amid coronavirus lockdown………

The year 2020 has been not proving a good year for various companies and corporations firstly because of the economic slowdown in the early part of 2020 due to which many multinational companies took the …

The year 2020 has been not proving a good year for various companies and corporations firstly because of the economic slowdown in the early part of 2020 due to which many multinational companies took the extreme steps of sudden laying off its thousands of employees… Now due to the outbreak of the COVID-19 virus world is facing unspecified lockdown which has severely disrupted the business of several companies across the globe……

Source – The Mary Sue

Suffering from the same situation of the disrupted business and disturbed financial equations, Yelp announced on Thursday it is laying off 1,000 employees and about 1,100 more employees will be sent to unspecified leave with pay-cut due to impacts from the COVID-19 pandemic across the globe…..Yelp co-founder and CEO Jeremy Stoppelman announced in an email to its employees that the company is going through difficult times. Due to this Yelp has to cut expenses, which means the company will be going for a large number of layoffs and pay cuts for its several executives along with additional 1100 employees will be furloughed, to balance the disturbing financial equation of the company’s business….

sf.eater.com

To further reduces expenses and improve the cost-saving of the company, Stoppelman also announced that all Yelp executives and top employees would receive at least 20 to 30 % pay cut. In addition, Stoppelman said he would not take a salary and has no intention of taking his share from the company’s stock market and shares for the entire year…. Previously, Stoppelmanok earns income from his company through stocks.

According to various sources and business and financial analyst, the main reason behind this high laying-off is due to the various projects and business functionaries of Yelp being halted and put on hold due to worldwide lockdown due to coronavirus and also high losses in the stock market as the company faced sudden fall of share prices recently…

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