April 17, 20 - 3:31 pm - LABS

Brazilian home rentals unicorn QuintoAndar lays off 8% of employees

QuintoAndar's news headquarters, in Sao Paulo
QuintoAndar’s headquarters, in Sao Paulo. Photo: QuintoAndar/Courtesy

Brazilian home rentals startup QuintoAndar laid off this Friday, 8% of its approximately 1,100 employees. According to O Estado de S. Paulo, the company stated that the job cuts affect all areas of operation and are occurring as the projected demand for residential properties rentals and sales drop.

In a statement, the startup, which became a unicorn last year after receiving an investment from the Japanese group SoftBank, says that “the adjustment reinforces the company’s ability to meet its current and future commitments, on which thousands of customers and hundreds of employees depend”.

Over the past weeks, several companies announced layoffs in Brazil because of the coronavirus crisis. These include digital banks Neon and C6, unicorn Gympass and the startups MaxMilhas and RockContent. American Eventbrite closed its doors in Brazil.