MMA brand joins list of organisations retrenching staff this year
ONE Championship has joined the growing list of employers in Singapore that are laying off staff this year.
The mixed martial arts brand said on Wednesday that it is laying off "a few dozen" employees, Channel News Asia reported.
"This decision was not made lightly and reflects our ongoing commitment to streamlining operations and focusing on long-term sustainability and growth," the company said in a statement quoted by CNA.
According to the statement, the move was also part of an "overall strategic plan to bring the company to profitability in the coming months."
ONE Championship was also one of the organisations that reduced its headcount due to the COVID-19 pandemic, laying off 20% of its workforce globally in 2020.
Its latest layoffs follow recent reports that Group One Holdings, the parent company of ONE Championship, raised at least US$50 million from investors, including the Qatar Investment Authority. This investment values the company at a minimum of US$1.35 billion, according to a report by Bloomberg.
The MMA brand now joins the list of employers that have been laying off employees in Singapore this year, including Dyson, Lazada, and Samsung.
More than 3,200 employees have been laid off in Singapore during the second quarter of 2024, according to the latest data from the Ministry of Manpower.
Source: Ministry of Manpower
Most firms laying off staff cited business reorganisation or restructuring (69.9%), while some said they were worried about high costs (16.9%) and an impending recession (14.1%).
The Singapore government will start providing involuntarily unemployed individuals $6,000 starting in April 2025 to ease their financial burden and prevent them from rushing into new jobs.
