SubscribeOak Pacific To Lay Off 150 Staffs
Oak Pacific Interactive, who got $ 48 million investment from General Atlantic and other famous VCs in March, announced in its press release today that it will lay off about 150 staffs, that is approximately 10% of all its employees. (via sina)
The layoff will mainly affect Mop.com and Donews.com to streamline its business and management for the preparation of proposed IPO of this two sites. Is the layoff really for the proposed IPO or just to reduce cost when its revenue growth slow down?
In the press release, it said Oak Pacific plans to have 3 listed subsidiaries in three years, MOP and Donews will be their first attempt to go IPO.
Besides Mop and Donews, Oak Pacific also owns Renren.com, UUme.com, 5q.com and several others, most of them are online communities or social networking sites. And recently, Oak Pacific was sued by “Anti-Malware Alliance” in 8 cities.
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