SINGAPORE: Mixed martial arts brand ONE Championship on Wednesday (Oct 16) said it has decided to lay off “a few dozen” employees.
The Singapore-based organisation said that the move was part of its “overall strategic plan to bring the company to profitability in the coming months”.
“This decision was not made lightly and reflects our ongoing commitment to streamlining operations and focusing on long-term sustainability and growth,” the statement read.
The move comes amid Group One Holdings, the company behind ONE Championship, raising at least US$50 million from investors, including Qatar Investment Authority, according to reports.
This gives Group One a valuation of at least US$1.35 billion, according to a Bloomberg report.
This is not the first time ONE Championship has laid off staff. In 2020, it cut 20 per cent of its staff worldwide amid the COVID-19 pandemic.
ONE Championship’s retrenchment exercise comes amid several other high-profile cases in recent weeks.
Earlier this month, technology firm Dyson conducted a round of layoffs, while electronics giant Samsung also laid off an undisclosed number of workers in Singapore as it cut jobs globally.