To trim the expenses, Yahoo has decided to close its offices in Mexico and Argentina on Thursday.
The multimedia giant said that it’s focusing on organisational growth in the sector and so will have to scale down the international operations.
In a report, Yahoo said that it will keep operating in the Latin American market. It will continue its services in Sao Paulo, Brazil, and Coral Gables, Florida in spite of closing off in Mexico and Argentina.
“Latin America is an important region for Yahoo and we will continue to invest in the people and products there,” the company said.
In a report by Business Insider, Yahoo planned to lay off 10 percent of its workforce; this could mean more than a thousand employees.
It has not been verified by the company how many employees will be affected by this not so happy event. “A team is working on it and they want to do it this quarter,” said one of the official sources.
The latest move will also affect Yahoo’s media business, European operations and its technology group. In the last eighteen months, the company called off its services in China, India, and in some parts of Europe.
The company is looking to foster big strategies, management system and some changes in their organisational orientation.
In response to a report by Business Insider, Yahoo said that, “Yahoo is focused on maximizing growth. With that in mind, we communicated to employees in Argentina and Mexico that we will be closing our offices there. Our impacted employees will be treated with respect and fairness through this transition. Latin America is an important region for Yahoo and we will continue to invest in the people and products there. Our teams in Brazil and Coral Gables (Miami) will remain vital to the company.”
According to Reuters, Yahoo recently refused several offers by a private-equity firm and three other anonymous organisations, to buy its “internet business”, a report by Business Insider.