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Hotel Chain Oyo Furloughs Workers

By Wendy Pollack
· · Source: Bloomberg

Oyo, the SoftBank-backed hotel chain, is furloughing thousands of employees as the coronavirus pandemic cripples the travel and hospitality industry. CEO Ritesh Agarwal told employees in a video message Wednesday that revenue had dropped 50%-60% due to the outbreak, according to Bloomberg. The India-based startup had been struggling prior to the virus’s spread. Backed by a $1.5 billion...

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