Curefit Lays Off Several Employees, Slashes Salaries, Shuts Cult Centres in Small Towns in India & UAE Due to COVID-19 Pandemic
Health and fitness startup Curefit in a statement announced that it has laid off several employees, cut salaries across levels as part of downsizing its operations due to the coronavirus pandemic.
New Delhi, May 5: Health and fitness startup Curefit in a statement announced that it has laid off several employees, slashed salaries across levels as part of downsizing its operations due to the coronavirus pandemic. While the founders decided to forgo their salaries, the management team and other staff would be taking a 50-20 percent pay cut as part of a plan to cut costs, the company said.
Curefit in a statement on Twitter informed their customers about the current situation and why are being forced to take such a harsh step. The company informed that due to the current pandemic and restrictions across the country, their business is going through significant changes. The lockdown imposed in the country has affected their business and they do not see the situation getting better for something. As a result of this unprecedented situation, the company informed that they have been forced to close operations in small towns in India and the UAE. Cure.fit Shuts Its Fitness Centres in Small Towns in India & UAE Due to the COVID-19 Pandemic.
Here's the official statement from the company:
Other than from shuttering some of its fitness centres under Cult. Fit, the company has also shut down a number of its cloud kitchen outlets which are branded as Eat. Fit, according to an Economic Times report.
The company mentioned that it has offered a good severance package to help their employees tide over the difficult times “As many as 90 percent of the Cult. Fit trainers continue to be with us and have been moved to a fixed plus variable model to tide over the crisis. All employees part of the downsizing have been provided with a significant severance package to help them with the current situation, including extended health insurance for them and their families,” the company said. Curefit also mentioned that they have started an emergency fund of Rs 2 crore to support the affected employees.
(The above story first appeared on LatestLY on May 05, 2020 12:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).