China’s Manufacturing Firms Take A 10-Month Hiatus: Order Shortage Sparks Closures and Layoffs
China’s Manufacturing Firms Take A 10-Month Hiatus: Order Shortage Sparks Closures and Layoffs
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Facing financial challenges, these tech companies are opting for bankruptcy and liquidation before the year ends, while others still struggle to survive into the next year. Unable to pay some employee salaries or afford severance packages, and unwilling to lay off directly, these companies have introduced a "new model" of layoffs in China: not terminating employment, just granting long holidays.
