'I never imagined, even in my worst fears, that we'd be here,' CEO says
The chief executive officer of an India-based company has apologised to employees over the company's current financial situation, which has led to salary disruptions among its workforce.
Darpan Sanghvi, CEO of The Good Glamm Group, addressed the company's issues in a LinkedIn post last week.
"To my team and to every stakeholder who believed in Good Glamm, I am truly sorry," Sanghvi said. "I never imagined, even in my worst fears, that we'd be here."
The Good Glamm Group is a direct-to-consumer company producing and selling personal care and cosmetics products. A recent report from media platform Inc42 revealed that the organisation has been facing multiple rounds of layoffs and delays in salaries.
It also saw the exit of senior executives, as well as the shutdown of its offices in Delhi and Mumbai in India, according to the report.
Source of financial strain
Sanghvi said the company's financial strain stems from the sale of one of its brands that fell through, a transaction that the CEO said would have provided the funds needed by the firm to secure its future.
"Everything was done, but just before we could sign and secure Good Glamm, the CEO of the acquiring company stepped down at the last moment, and the deal fell through," the CEO said.
"It was a gut punch out of nowhere that sent us scrambling for funding and securing a lifeline."
According to the CEO, they have been trying "everything possible" to generate cash to pay employees, as well as keep the business operational.
He also acknowledged the growing frustration of employees who have been reaching out to them over the situation.
"To everyone reaching out with personal queries, me and our current team, though far smaller than before, are doing everything we can to respond to personal queries," he said.
"There may be delays, but we are here for you and doing our best."
Sanghvi further expressed his commitment to resolving the company's current problems.
"I carry this with me every day," he said. "It is my moral responsibility to resolve this for every past and present employee, and for every stakeholder (whether its our lenders, vendors and our equity shareholders) and set things right, and I promise you: I will not stop until I do."
