All articles tagged with #cost saving measures
The 2028 Los Angeles Olympics will host some events in Oklahoma City to save costs and avoid new construction, with softball and canoe slalom moving to top-tier venues there. Swimming events will be held in a temporary pool at SoFi Stadium, which will also host the Opening Ceremonies. These changes align with the International Olympic Committee's push for more affordable Games.
Boston-based online home furnishings retailer Wayfair has announced a workforce reduction affecting approximately 1,650 employees, representing around 13% of its global workforce and 19% of its corporate team. The company expects these cuts to save more than $280 million and cited "persistent category weakness" and a "challenging" forecast for revenue growth. Wayfair co-founder and CEO Niraj Shah expressed regret over the impact on departing colleagues and stated that the company aims to maximize Free Cash Flow while tightly controlling and reducing total share count. The company anticipates incurring costs of up to $80 million in the first quarter of 2024 for employee severance and benefits.
NuScale Power, a utility firm specializing in small modular reactor technology, is laying off 28% of its workforce, amounting to 154 full-time employees, in a cost-saving effort expected to yield $50-60 million in annualized savings. Despite receiving design certification for its SMR technology, NuScale has faced financial challenges and recently terminated a project in partnership with a Utah power company. The company's shares fell over 3% following the announcement, and it expects to incur a $3 million charge related to severance costs in the first quarter.
ChargePoint, a leading provider of networked solutions for charging electric vehicles (EVs), reported a 12% decrease in revenue for the third quarter of fiscal year 2024, along with negative gross margins. The company cited challenging macroeconomic conditions and execution challenges as reasons for falling short of expectations. However, ChargePoint remains committed to achieving positive non-GAAP Adjusted EBITDA in the fourth quarter of calendar year 2024 and emphasized its focus on empowering the EV ecosystem.
As winter approaches, homeowners are looking for ways to keep their homes warm without breaking the bank. The average cost of home heating is projected to remain high this winter, but there are several tips to help reduce heating bills. Experts recommend having your heating unit inspected before winter, setting your thermostat to 68 degrees Fahrenheit, lowering the temperature when you're away, and avoiding setting the thermostat too low. Investing in a smart thermostat can also save energy, and using space heaters cautiously can help target heating to specific areas. Additionally, getting an energy-efficient audit and checking for tax incentives and rebates can further lower heating costs. Other tips include weather-stripping doors, improving insulation, and addressing drafty windows and doors.
Game development software company Unity is expected to implement layoffs and other cost-saving measures to improve profitability metrics, according to its Q3 earnings report. The company plans to focus on valuable products, evaluate cost structures, discontinue certain offerings, reduce its workforce, and office footprint. Unity's reputation has suffered after a disastrous pricing model announcement, leading to backlash and a boycott. Layoffs have become a trend in the video game industry this year, despite the company reporting mixed Q3 results within expectations.
The University of Wisconsin Oshkosh has laid off 140 employees, while 76 others have accepted voluntary retirement, as part of cost-saving measures to address an $18 million deficit. An additional 34.5 vacant positions will remain unfilled. The university expects to save about $14.7 million from these actions. The layoffs primarily affect administrative employees and staff, with no faculty members affected. The university is providing resources and support to affected employees. The Institutional Realignment Plan also includes furloughs and nonrenewal of instructional academic staff contracts. The university plans to review non-academic program budgets and other areas for additional savings in the future.
Walgreens Boots Alliance CEO Rosalind Brewer has stepped down from her position after less than three years, with the company citing a mutual agreement. The board has appointed Ginger Graham as interim CEO while they search for a permanent replacement. Walgreens has been facing challenges, including a decline in consumer spending and demand for Covid vaccines, leading to a 32% drop in shares this year. Under Brewer's leadership, the company implemented cost-saving measures such as store closures and job cuts. Walgreens is also experimenting with new store formats to address issues like shoplifting.
Memorial Health is laying off hundreds of employees, primarily in leadership, administrative, and support positions, as part of a restructuring effort to address the negative impact of national and statewide economic trends on the healthcare industry. The layoffs represent 5 percent of the organization's total salary and benefits, with 20 percent of leadership positions being affected. Laid off employees will receive a severance package, health insurance stipend, and support resources, while some may have the opportunity to transfer to different roles within the organization. Memorial Health cites rising costs of supplies and equipment, high labor costs, and shifting trends in payer reimbursements as factors contributing to the decision.
Walgreens plans to close 150 stores in the U.S. and 300 more in the United Kingdom as part of ongoing cost-saving initiatives. The pharmacy chain reported lower-than-expected net income and reduced earnings expectations for the full fiscal year. Factors contributing to the company's performance include decreased demand for COVID-19 vaccinations and testing, as well as emerging challenges such as lower consumer spending. Walgreens aims to save $3.3 billion by the end of 2023 and an additional $800,000 in 2024.
Walgreens plans to close 150 stores in the U.S. and 300 in the UK as part of ongoing cost-saving initiatives. The pharmacy chain reported lower-than-expected net income and reduced earnings expectations for the full fiscal year. Factors contributing to the company's performance include decreased demand for COVID-19 vaccinations and testing, as well as emerging challenges such as lower consumer spending. Walgreens aims to save $3.3 billion by the end of 2023 and another $800,000 in 2024.
Manufacturer coupons for drugs like Ozempic, Mounjaro, and Wegovy can be cost prohibitive, even for people with insurance. There are a number of steps you can take to curb spending on these medications if a healthcare provider determines that you should be taking them. These include asking your doctor to appeal insurance denials, seeking out prescription discount cards, enrolling in a drug assistance program, and considering other medications. Additionally, you can write to your senator or representative to advocate for the Treat and Reduce Obesity Act, which proposes that Medicare cover obesity drugs.
Walgreens Boots Alliance is laying off about 10% of its corporate employees, which represents 504 workers. The majority of the cuts will be at the company's Deerfield headquarters or its Chicago office. The layoffs are part of a series of steps the company is taking to drive sustainable cost savings to help fuel investments for future growth. Walgreens has denied that the layoffs are connected to the company's financial liabilities, including a $5.4 billion after-tax charge to cover opioid claims and litigation.
Job search platform Indeed is set to lay off 2,200 employees, or 15% of its staff, due to the pandemic's impact on future job openings. CEO Chris Hyams said the cuts were made with human resources, legal, and diversity teams and that the company was "simply too big for what lies ahead." Hyams himself will take a 25% cut in base pay, and the company will institute additional cost-saving measures. Employees impacted will receive severance packages, including access to mental health services for a year.
Austin-based job site Indeed.com is laying off 2,200 employees, or roughly 15% of its global team, citing a cooldown in the overall job market and demand for its technology. The CEO said the cuts come as the job market continues to slow down following a recent boom. The company also will be instituting other cost-saving measures. The layoffs come amid a wider trend of layoffs in the technology industry.