Copia staff have officially received termination letters. Yesterday, Techweez broke the news that the B2B ecommerce platform is letting go of all its staff members.
Under the guidance of Insolvency Practitioners from KPMG, the company now turns its efforts to raising capital from new investors, with the aim being continuing its Kenyan business division.
In the meantime, the administrators and Copia management have taken the brutal measure to lay off all employees. This decision was made after a “town hall meeting” held on 6th June 2024.
“Unfortunately, your employment with Copia Kenya Limited (under administration) will be terminated, effective 7th June 2024. This decision is in no way a reflection of your performance or contributions to the company but rather a consequence of the current circumstances,” reads part of the notice of termination of employment.
In their communication to the now jobless employees, the company promised it “will communicate with staff regarding employment opportunities in the continuing business”.
Copia has promised the staff terminal benefits in line with Kenyan laws under the Insolvency Act of 2015. The timeline for receiving these benefits has not been outlined.
It is worth noting that staff dues for May delayed. Further, the payments are subject to the members of staff returning all company properties they have.
The deadline for this is Monday 10th June 2024. The company’s staff medical cover will also remain active until November 30th, 2024.
Read: May Startup News: HelloDuty, GoBEBA, BuuPass Growing, Copia Woes, and More Startup Funding
For now, this marks a halt in operations for the previously well-funded startup. The future remains unclear on whether it will return to business or fold up completely.
Copia ceased operations in Uganda last year. The closure of Uganda was to focus on the Kenya operation “to focus on prioritizing profitability”, but it even the Kenya operation didn’t achieving that. Last month Copia had halted operations in 6 Kenyan towns.
