The company disclosed its decision to put a halt to its operations to its employees on Thursday, informing that December 31 will be the last day of the e-commerce's operations, according to a leading news daily.
Santrupt Misra, HR director at Aditya Birla Group, confirmed the exit news. Misra said, “Looking at how the big and long-term e-commerce businesses continue to struggle and are unlikely to make money for some time, it did not seem logical to continue as if everything is all right in the sector.” The company had shut another of its e-commerce venture Trendin.com around the same time last year.
The company is expected to start closing down its stock from the month of November. While the company will be giving four and a half month’s salary to all its 240 employees in the form of compensation if they quit the company. Aditya Birla Group had launched Abof.com in October 2015. On Friday, Aditya Birla Fashion and Retail closed at Rs 164.55 per share, down by over 2% on the BSE.
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