TOKYO -- India's Oyo Hotels & Homes will merge its hotel and short-term residential businesses in Japan as soon as this month, as pressure from the new coronavirus outbreak pushes the SoftBank Group-backed startup to restructure just over a year after its launch in the country.
The move is the latest in Oyo's race for profitability across the world as the pandemic has added pressure to a company whose cash-burning strategy, with SoftBank's backing, was already under scrutiny. After expanding to 80 countries, it has laid off thousands of staff and furloughed thousands more after the outbreak hit travel demand.
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