WorldVentures “circling the drain”, lays off 50%+ staff
With international travel at a stand-still in many countries, it figures the MLM travel niche has taken a battering.
Rumored to already be in financial trouble, WorldVentures appears to be on its last legs.
Citing “rumors circulating about the company”, on November 3rd WorldVentures COO Michael Poates sent out an email advising of a “town hall meeting” to be held on November 4th.
The stated purpose of the meeting was to
discuss these rumors so there is no misinformation and to answer your questions.
The meeting went ahead on November 4th, during which Poates announced over 50% of WorldVentures remaining staff were to be fired on November 6th.
In addition to layoffs outside of the US, roles WorldVentures culled within the US span;
- accounting specialists;
- customer service representatives;
- business intelligence;
- business analysis;
- travel agency director and travel agents;
- email and digital designers;
- events coordinator;
- graphic designers;
- air ticketing agents;
- benefits, social media, program and recognition managers;
- consumer insights;
- copywriters and editors;
- communications & employee management;
- comp plan, product, program management and total rewards directors;
- executive assistants;
- warehouse operations;
- President, WorldVentures Marketing;
- operations and marketing managers; and
- several vice-president positions
As the mass layoffs triggered the WARN Act, employees across WorldVentures and its subsidiaries are reported to have been given 8 weeks severance.
This follows the resignation of WorldVentures CEO Josh Paine earlier this year.
Looking forward, BehindMLM is informed WorldVentures’ outlook appears grim.
(WorldVentures) did a significant layoff in November 2019, again in April 2020 (they blamed this layoff on COVID, but it was already planned), and September 2020.
WV received PPP funds which kept them going and paying commissions over the summer.
Also, Asia and EU were traveling somewhat over the summer, so that helped WV. WV has now stopped paying commissions, rent and all non essential vendors.
Non-payment of commissions has dogged WorldVentures repeatedly over the past few years.
Based on its business model and regulatory action in multiple jurisdictions, BehindMLM has consistently maintained WorldVentures operates as a pyramid scheme.
Early last week we were informed that WorldVentures was going to file for bankruptcy. A possible merge with Seacret Direct was also rumored to be on the cards.
Neither of those rumors have yet to eventuate, however we do have confirmation WorldVentures
are trying to sell off parts of the company, but the debt load for WV is crippling (over 50 million).
As of November 5th, the day before the mass-layoffs, WorldVentures was projecting a show of strength on its official Facebook account:
Pending further updates on this developing story, stay tuned…
Update 9th November 2020 – Separation and release agreements provided to laid off employees, appear to confirm negotiations between WorldVentures and Seacret Direct.
Update 15th November 2020 – WorldVentures has confirmed its acquisition by Seacret Direct in a corporate webinar.
Update 23rd December 2020 – WorldVentures filed for Chapter 11 bankruptcy on December 22nd, 2020.