The used telephone e-commerce company is starting change negotiations, where it can reduce up to a quarter of its employees in Finland.
Used Swappie, a technology company that sells smartphones, is starting change negotiations in Finland, where it could lay off up to 250 people, says Kauppalehti.
Back in February, the company said it aimed to increase the number of its employees from the then 1,200 to 2,000 by the end of the year.
According to Kauppalehti, the company currently has a total of about 1,600 employees, of which about 1,000 are in Finland.
CEO of Swappie Sami Marttinen tells Kauppalehti that due to the current economic situation, the company ‘s focus has shifted from growth to profitability.
He mentions, for example, interest rates, inflation and the declining popularity of online shopping. According to the company, change negotiations are necessary to secure the continuation of its business.
Used Swappie, which refurbishes and sells phones, has been one of Finland’s fastest growing technology companies. It operates in 15 countries and has an annual turnover of more than 100 million euros.
Swappie’s business model requires a lot of working capital as it buys all refurbished phones and their spare parts on its own balance sheet. The company has also spent a lot of money on marketing and promoting its brand.
In February, the company said it had raised a € 108 million financing pot to support its growth.