Wanda Internet Says It's 'Optimizing' for Digital After Reports of Ffan Staff Cull
Xu Wei
DATE:  Dec 19 2017
/ SOURCE:  Yicai
Wanda Internet Says It's 'Optimizing' for Digital After Reports of Ffan Staff Cull Wanda Internet Says It's 'Optimizing' for Digital After Reports of Ffan Staff Cull

(Yicai Global) Dec. 19 -- Wanda Internet Technology Group has responded to claims that its e-commerce platform Ffan will dismiss the bulk of its employees, saying it is simply optimizing its organizational structure.

The platform will let go about 70 percent of its workers, according to media reports today. Ffan is contemplating layoffs and has slashed its 2017 sales target to CNY100 million (USD15 million) from CNY900 million, news outlet the Paper said on Oct. 27. 

Wanda Internet, a closely held unit of Dalian Wanda Group Co., said it is simply restructuring to focus on its digital business.

"Tech companies usually have a relatively high staff turnover rate," an executive said. "I don't know where this 70-percent figure came from, but some divisions are recruiting new staff." He didn't deny the figure and described it as "unverifiable."

Ffan is an all-in-one platform specializing in dining, groceries, cinema tickets and finance. Wanda Internet, Baidu Inc. [NASDAQ:BIDU] and Tencent Holdings Ltd. [HKG:0700] set up the USD3 billion joint venture in 2014 to take on Alibaba Group Holding Ltd. in the online-to-offline marketplace.
 

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Keywords:   Ffan.com,Wanda,Baidu,TENCENT,Layoffs,E-COMMERCE