MANILA - ABS-CBN Corp said Wednesday ACJ O Shopping Corp would stop operations towards the end of the year and would let go of employees starting this August.

ACJ O Shopping, a joint venture with ABS-CBN and CJ ENM Company Limited will cease to operate due to challenges in the past two years and financial losses, ABS-CBN said in a statement. CJ ENM has also decided to move its business out of Southeast Asia "completely," it said.

"As a result, ACJ O has made the difficult decision to let go of its employees starting August 7, 2020. The company is thankful for their valuable contributions through the years and ensures that they will receive separation packages as the law requires," it said.

The company will make further announcements on selling of its goods on-air and online. It will continue to serve customers despite reduced manpower in the next few months, it added.

The company has offered TV shopping convenience to Filipinos for 7 years through the O Shopping Channel.