All articles tagged with #business restructuring
Originally Published 2 months ago — by Yahoo Finance
Target is implementing its largest corporate layoffs in over a decade, cutting 1,800 roles amid ongoing financial struggles and declining sales, as part of a broader restructuring effort to streamline operations and improve growth prospects.
Originally Published 2 months ago — by TheStreet
Target is cutting 1,800 jobs, including 1,000 layoffs and 800 unfilled positions, as part of a major restructuring effort to address declining sales and streamline operations amid economic challenges and internal complexity, with COO Michael Fiddelke set to become CEO in 2026.
Originally Published 3 months ago — by WCVB
Starbucks is closing several stores in Massachusetts, including one in Boston's Government Center, as part of a nationwide effort to revamp its business, with plans to close hundreds of stores and lay off 900 employees, while also addressing unionization efforts among its workers.
Originally Published 5 months ago — by MLive.com
Claire's, a popular teen and tween retail chain with around 2,750 stores in the U.S., has filed for Chapter 11 bankruptcy for the second time in six years due to increased competition, declining mall traffic, and economic pressures. While most stores will remain open during the restructuring process, some locations are already scheduled to close, and the company is exploring the sale of assets and strategic alternatives to address its financial challenges.
Originally Published 6 months ago — by IGN
Microsoft is planning significant layoffs across its Xbox division, potentially as early as next week, amid ongoing restructuring and prior extensive job cuts following its acquisition of Activision Blizzard, with the company preparing for the launch of its next-generation consoles.
Originally Published 1 year ago — by BBC.com
23andMe, a genetic testing company, is laying off 40% of its workforce, or 200 employees, as it struggles to recover from a significant data breach and a 70% drop in share price this year. The company will also halt its therapeutic developments and may sell or license them. The layoffs are part of a restructuring plan aimed at saving $35 million, despite incurring $12 million in one-off costs. The company has faced challenges including a major data breach affecting millions of users and the resignation of most of its board members.
Originally Published 1 year ago — by STAT
23andMe announced it will cease its drug discovery efforts, laying off 40% of its workforce, to focus on its core business of selling genetic tests and research partnerships. This decision marks the end of its ambitious plan to become a drug company using its genetic data.
Originally Published 2 years ago — by Eurogamer.net
Riot Games, the developer of League of Legends, is laying off 530 employees, citing the need to refocus on fewer high-impact projects for a more sustainable future. The company's CEO explained that the decision was necessary due to unsustainable costs and a lack of focus, with a particular emphasis on the need for experimentation and failure in a creative company. The layoffs will primarily affect teams outside of core development, and the company is also shutting down RiotForge and reducing the size of its Legends of Runeterra team. Affected employees will receive severance pay, bonuses, health benefits, and other support. This move follows a trend of extensive layoffs in the gaming industry, with thousands of workers affected in recent years.
Originally Published 2 years ago — by The Verge
Google is continuing its layoffs with "a few hundred" roles being eliminated from its advertising sales team, primarily affecting its Large Customer Sales unit. The company spokesperson confirmed the job cuts, stating that impacted employees will have the opportunity to apply for open roles or elsewhere at Google. This comes after last week's layoffs of about 1,000 employees and previous cuts across various parts of the company, bringing the total number of job cuts above 1,000.
Originally Published 2 years ago — by CNBC
Amazon is laying off over 500 employees in its Twitch unit in an effort to "rightsize" the company and align its headcount with the current size of the business. Twitch CEO Dan Clancy explained that despite efforts to build a more sustainable business, the organization remains larger than necessary given the current scale of the business. The layoffs represent the third round of cuts at Twitch in less than a year, and affected employees will receive severance packages and support through the transition.
Originally Published 2 years ago — by Endpoints News
Bayer plans to overhaul its business structure and reduce management layers in response to declining performance, with CEO Bill Anderson stating that zero cash flow despite nearly €50 billion in revenue is unacceptable. While the company's Q3 pharmaceutical sales remained steady at €4.53 billion, its share price has dropped by 20% since last year.
Originally Published 2 years ago — by TechCrunch
Indian edtech giant Byju's plans to cut up to 5,000 jobs as part of a business restructuring aimed at reducing costs and simplifying operations. The company, valued at $22 billion, will eliminate redundant roles in both its offline and online ventures, as well as senior executive positions. Byju's is consolidating four of its businesses into two and is also dealing with a dispute with lenders and the resignation of board members and auditor Deloitte. The company has faced criticism for its reporting and governance structures and its failure to meet financial reporting deadlines.
Originally Published 2 years ago — by PHL17 Philadelphia
David's Bridal, one of the largest sellers of wedding gowns in the US, has filed for Chapter 11 bankruptcy protection and plans to cut at least 9,000 positions. The company is looking to sell the business, but stores will remain open and brides will be able to purchase dresses without any disruptions. This is the second time the company has filed for bankruptcy, with the first being in 2018.
Originally Published 2 years ago — by Reuters
Alibaba Group plans to monetize non-core assets and may give up control of some businesses after they go public, according to CEO Daniel Zhang. The company's restructuring into six separate business units will allow them to become more agile and list on their own. Alibaba will retain seats on the boards of the new units in the short-term, but will decide whether to continue to retain control after they go public. The move comes after a regulatory crackdown on China's tech giants, and Alibaba's market valuation has declined to $260 billion from over $800 billion.
Originally Published 2 years ago — by Barron's
Ford has revealed the financial results of its traditional car business, commercial business, and EV business, which are now referred to as Ford Blue, Ford Pro, and Ford Model e. Despite losing billions on its EVs, the stock's decline is not a problem as the company is restructuring itself and investors are optimistic about its future in the electric vehicle market.