The Turkish rapid grocery delivery firm Getir is making preparations to potentially cease operations in the UK market as early as next week, putting over 1,500 jobs on the chopping block, reports Sky News.
Once lauded as the future of urban convenience shopping, Getir’s UK arm now finds itself on extremely shaky ground. The Istanbul-based tech company, whose name means “to bring” in Turkish, exploded in value during the pandemic period. At its peak, Getir commanded a startup valuation nearing £9.7 billion.
However, after aggressively burning through cash to saturate cities with its ultrafast delivery services, Getir has been forced to radically rethink its business. Restructuring advisers have been called in as the company weighs options like selling off its UK division or declaring insolvency, according to inside sources.
Getir had previously implemented mass job cuts of around 10% globally in 2023, but it wasn’t enough to sustain continued losses.
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