Rocket Internet’s OfficeFab, a stationery and office supplies online store may be quietly leaving its premises in Philippines, Vietnam, Malaysia, and Indonesia as its employees pack up too not knowing where to go.
OfficeFab’s various country portals are still online and a section of the media claim it is still processing payments for customers and suppliers at the moment.
According to a staff member who declined to be named, talking to IamWire.com, OfficeFab’s offices were shut down on 28 June.
“We were all shocked by the news that day, but the higher management decided everything so even though we’re doing well with high revenue and margin, we can do nothing anymore if the main office decided to shut it down,” he told the Iamwire, adding that the company’s management has recommended employees for other jobs.
Another executive chimed that working at OfficeFab has been a great experience. “Despite the loss of the job, the loss of my friends was a lot harder to bear,” he said.
Rocket Internet is known to set high expectations and aggressive targets, so it’s not surprising that it has decided to close a business with a healthy bottom line but weak long-term potential.
Rocket Internet however has India’s OfficeYes still open but the demise of its sister company might not come with good news to OfficeYes, but we do not want to speculate as Rocket Internet is not a toddler in eCommerce. Its decison to close its furniture store Home24 was entirely its own, may be a change of strategy.
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