Copia Lays Off All Staff, Future Uncertain

Copia Lays Off All Staff, Future Uncertain

– Ad-

Kenyan e-commerce platform Copia has let go of its remaining employees, according to termination letter seen by TechMoran.

With KPMG insolvency practitioners overseeing the process since the it’s parent firm, Copia Global entered into administration, Copia aims to raise capital from new investors to keep its Kenyan business afloat. However, this staff layoff signifies a harsh reality in the meantime.

According to reports, this decision was reached at after a meeting in a town hall meeting in Nairobi on June 6th.

– Ad –

The termination notices, effective June 7th, 2024, assure employees the decision reflects financial circumstances, not individual performance.

“Unfortunately, your employment with Copia Kenya Limited (under administration) will be terminated, effective 7th June 2024. This decision is in no way a reflection of your performance or contributions to the company but rather a consequence of the current circumstances,” read part of the letter.

– Ad-

Copia has pledged severance packages following Kenyan labor laws, under the Insolvency Act of 2015, but a timeline remains unclear.

Notably, May salaries were delayed, and benefits are contingent on returning company property by June 10th. However, medical coverage will continue until November.

– Ad –

This move effectively halts operations for the once-promising startup. Whether Copia resumes business or shuts down completely remains unknown.

The company previously closed its Ugandan branch and scaled back operations in six Kenyan towns before this latest development.

Copia’s financial woes aren’t new. Last year, they shuttered Ugandan operations to prioritize profitability in Kenya, but those efforts proved unsuccessful.

– Ad –

“Kenyan e-commerce platform Copia has let go of its remaining employees, according to termination letter seen by TechMoran. With KPMG insolvency practitioners overseeing the process since the it’s parent firm,…”

Source Link: https://techmoran.com/2024/06/09/copia-lays-off-all-staff-future-uncertain/

Copia Lays Off All Staff, Future Uncertain

– Ad-Kenyan e-commerce platform …

https://www.merchant-business.com/copia-lays-off-all-staff-future-uncertain/?feed_id=35352&_unique_id=666905e864bda

Copia Lays Off All Staff, Future Uncertain – Ad- Kenyan e-commerce platform Copia has let go of…

Copia Lays Off All Staff, Future Uncertain

Author: BLOGGER