China’s online grocery delivery market, where big tech firms and startups once competed fiercely, faces a major blow as businesses grapple with continued losses and worsening cash shortages by a slowing economy and tighter regulations.
missfresh one of China’s leading grocery delivery companies, said last week that it had shut down its core same-day grocery delivery business. Hundreds of employees, representing the bulk of Missfresh’s workforce, have lost their jobs, according to laid-off employees. Missfresh has also faced protests from unpaid suppliers at its Beijing headquarters and other locations in recent weeks because it ran out of money to pay them, according to former employees and suppliers.
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