Nike Announces Layoffs as Part of Restructuring Plan
Nike announces layoffs of 2% of its workforce, amounting to over 1,500 jobs, as part of a broader restructuring plan to optimize capital allocation and reignite growth. CEO John Donahoe emphasized the need for these changes amidst challenges the company is facing. The layoffs will be implemented in two phases, not impacting retail employees or warehouse workers. This decision comes amidst a cautious consumer spending environment and an anticipated slowdown in demand for core products. Nike aims to simplify its product assortment, enhance automation and technology utilization, and leverage its scale to drive greater efficiency as part of its cost-cutting strategy.
Instacart Announces Layoffs and Executive Departures Amid Restructuring Effort
Instacart announces plans to lay off 250 employees, about 7% of its workforce, as part of a restructuring effort. The company’s fourth-quarter earnings report closely matched revenue estimates, but three high-ranking executives are departing. Despite a surge in demand during the pandemic, achieving profitability has presented challenges due to substantial costs associated with contractor payouts.
Paramount Global Announces Layoff of 800 Employees Following Super Bowl LVIII
Paramount Global, the owner of CBS, announces the layoff of 800 employees just days after the most-watched Super Bowl in history. CEO Bob Bakish emphasizes the move is to build on momentum and execute strategic vision. The reduction in workforce reflects a shift in the company’s approach and raises questions about the future direction of the media landscape.
Microsoft Denies Going Back on Word with Job Cuts After Activision Blizzard Deal
Microsoft denies claims by US regulators that it went back on its word by cutting jobs after its purchase of Activision Blizzard, stating that the idea of job cuts did not originate with its takeover. The controversial deal gives Microsoft control of popular games such as Call of Duty, World of Warcraft, and Candy Crush, but the FTC is still asking for the Court of Appeals to halt the deal so it can consider anti-trust implications.
Cisco to Announce Significant Restructuring, Potential Impact on Employees
Cisco, the networking titan, is set to announce a significant restructuring that could impact numerous employees. The move reflects a broader trend among tech firms to slash costs and redefine their businesses amid industry challenges. As the tech industry braces for an uncertain future, all eyes will be on how Cisco plans to navigate this new landscape.
JPL Announces Significant Workforce Reduction
JPL, managed by Caltech and funded by NASA, announces a significant reduction in workforce due to lower budget and lack of FY24 appropriation from Congress. Approximately 530 employees and 40 contractors will be impacted, with the aim of protecting against deeper cuts later in the fiscal year.
DocuSign to Lay Off 6% of Workforce in Restructuring Plan
DocuSign announces a restructuring plan, including laying off 6% of its workforce, in an effort to enhance financial and operational efficiency. The majority of impacted employees will come from sales and marketing departments. The announcement led to a more than 6% drop in DocuSign’s shares. The company aims to meet or exceed its fourth-quarter and fiscal-2024 guidance and will share further details about the restructuring plan when fourth-quarter results are released.
Sega of America to Lay Off 61 Employees
Sega of America is reportedly set to lay off 61 employees, amounting to more than 10% of its total staff. The layoffs, according to a California WARN notice, will take place on March 8, 2024. The WARN Act legally requires…
UPS to Cut 12,000 Jobs Following Disappointing Year
Parcel delivery giant UPS has announced plans to cut 12,000 jobs following a ‘difficult and disappointing’ year in 2023. The company cited a softer economy and labor disputes as contributing factors to the decision. UPS Chief Executive Carol Tomé revealed…
Rise in UK Video Game Developer Union Membership
UK video game developer union membership has been on the rise The IWGB Game Workers union saw its membership increase by nearly half from December 2022 to December 2023. As reported by The Observer, people have joined in response to…