This morning, rumours came out that Ofo had officially announced that its international department is closing down. Employees from the department were given three options:
- Move to another department, and take a pay cut;
- Leave the company before 10 Jan, with salary paid but no severance;
- If no action is taken, get half of December pay and no pay for January.
The company has responded to media queries in China, saying this is normal corporate ‘readjustment’.
We have to say that this is not a surprise at all. We blogged about half a year ago that the only logical option for Ofo in Singapore is to leave.
Last couple of months, the bike company has been facing a lot of pressure from different parties, including hundreds of users lining up at its main office to get refund for their deposits.
Amid all the difficulties and challenges, Ofo is showing great desire to survive, trying many ways to monetise its user base. And the WeChat sphere is also full of chatter and suggestions about Ofo.
While we admire the great spirit here, we are not sure whether all is worth it.
Everything hangs on the founder, Dai Wei, now.
Would he consider his foes at Mobike lucky?
Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected]