Amid coronavirus outbreak, Budget hotel chain FabHotels has laid off more than 100 of its employees as a result of its ''resource optimization'' exercise.
As per the report, the company has laid off over 100 employees mainly from operations, tech, sales and supply acquisition teams.
A letter by the company to a terminated employee said "as per the telephonic discussion with your reporting manager a few days back, we are writing to inform you that as a result of our resource optimization exercise, your position will be redundant going forward".
Hence, "we would not be able to continue your employment with FabHotels. Your last date of employment with the company shall be March 30, 2020 in line with the contractual notice period," it added.
An email sent to FabHotels founder Vaibhav Aggarwal on Friday remained unanswered till the time of filing the story.
In another mail to the company’s employees, Aggarwal said travel and hospitality industry continues to be standstill driven by lockdowns in major cities around the world.
"Our revenues have also been hit extremely hard this month and it appears April is going to be even worse," it added.
The letter said to tide over this crisis and come out fighting fit on the other end, the firm needs everyone's support and would require sacrifices from ''all of us''.
Meanwhile, the founders will receive 25 per cent pay cut, the company would be instituting a pay cut for other employees also on the basis of CTC.
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