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OFO Plans To Shut Down Most Of U.S. Operations Less Than One Year
Aug 16, 2018


Less than a year after China's OFO Inc. entered the U.S. with big ambitions, the world's largest bike-share company plans to shut down most of its U.S. operations, people familiar with the matter said.


Beijing-based OFO told U.S. employees last Wednesday that it is cutting the vast majority of its workforce in the U.S. and retreating to a handful of larger cities, these people said.


It has more than 40000 bicycles in more than 30 U.S. markets. At least three senior executives have left OFO's U.S. operations in recent weeks, including its chief in North America, before the planned downsizing.


Andrew Daley, OFO's new head of North America, said in a statement that the company has begun to "prioritize growth in viable markets that support alternative transportation and allow us to continue to serve our customers."


OFO is the largest global player in the business of dockless bikes, which riders rent through an app and then leave wherever their ride ends. It says it has deployed more such bikes than any other company, leading a business that has reshaped urban transportation in China and other countries in the four years since it took off.