Companies lay off staff due to economic difficulties created by the COVID-19 pandemic

stapp · Jun 10, 2020

The coronavirus pandemic has claimed another 3,600 UK jobs after the Restaurant Group, Monsoon Accessorize and Quiz announced major restructures.
The Restaurant Group, which owns Frankie and Benny's, expects to cut up to 3,000 workers after confirming plans to shut 125 sites.
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https://www.bbc.co.uk/news/business-52990612

guest · Jun 16, 2020

Grab to lay off 360 people, or about 5% of its employees
June 15, 2020
https://techcrunch.com/2020/06/15/grab-to-lay-off-360-people-or-about-5-of-its-employees/

Grab is laying off about 360 people, or slightly under 5% of its employees. Co-founder and CEO Anthony Tan made the announcement in a letter to Grab employees today.

A Grab spokesperson told TechCrunch that the company will not be shutting down offices, and that this is the last organization-wide layoff the company will perform this year.
Grab is the largest ride-hailing platform in Southeast Asia, and like other travel-related companies, including Uber, Lyft, Oyo and Airbnb, its on-demand ride business has been hit hard by the pandemic.

In his announcement, Tan wrote, “Since February, we have seen the stark impact of COVID-19 on businesses globally, ours included. At the same time, it has become clear that the pandemic will likely result in a prolonged recession and we have to prepare for what may be a long recovery period.”
He added that Grab will sunset some “non-core projects,” consolidate functions and reduce team sizes.

“We were able to save many jobs through this redeployment of resources and it helped limit the scope of the reduction exercise to just under 5 percent,” Tan wrote.
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guest · Jun 17, 2020

stapp said: ↑

Hertz: Car rental firm files for US bankruptcy protection

https://www.bbc.co.uk/news/business-52780841
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All bets are off as Hertz pulls plan to issue $500 million in new stock
June 18, 2020
https://techcrunch.com/2020/06/17/a...pulls-plan-to-issue-500-million-in-new-stock/

Hertz, which filed for bankruptcy last month, halted its $500 million stock offering Wednesday after the U.S. Securities and Exchange Commission told the rental company it would review its controversial plan to sell shares that could soon be wiped out completely.

As COVID-19 spread throughout the globe, business trips and other travel stopped, leaving Hertz with an unused asset — lots and lots of cars. It wasn’t just that revenue stopped coming in. Used car prices plummeted, further devaluing its fleet.
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Hertz filed for Chapter 11 bankruptcy May 22. But as its business dried up, prospectors jumped in.
Robinhood traders looked at Hertz and didn’t see the poor fundamentals; they saw opportunity.

The stock price rose 887.5% since that May 26 low until it reached $5.53 on June 8. Shares of Hertz have since fallen 63.8% and closed Wednesday at $2.
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guest · Jun 24, 2020

Sonos will lay off 12 percent of its workforce due to COVID-19
It plans to close its New York retail store and six satellite offices
June 24, 2020
https://www.engadget.com/sonos-layoffs-covid-19-145239555.html

Sonos is the latest company to announce layoffs due to the COVID-19 pandemic. It plans to eliminate 12 percent of its global headcount and close its New York retail store and six satellite offices. The company outlined these plans in a filing with the Securities and Exchange Commission.

In March alone, the company’s total revenue declined 23 percent year-over-year.
It isn’t clear exactly how many employees will be laid off. According to Sonos’ investor relations website, it currently has more than 1,450 full-time employees, so about 175 people may lose their jobs.
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stapp · Jun 25, 2020

Royal Mail is to cut 2,000 management jobs, about a fifth of its managers, as it struggles to deal with the effects of the coronavirus crisis.
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https://www.bbc.co.uk/news/uk-53175739

stapp · Jun 25, 2020

Qantas will axe 6,000 jobs as part of its plans to survive the coronavirus pandemic, the airline says.
The cuts equate to about a fifth of the airline's workforce prior to the Covid-19 crisis. In March, it furloughed more than 80% of its staff.
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https://www.bbc.co.uk/news/world-australia-53173929

guest · Jul 6, 2020

1,000 jobs to go at German aircraft engine firm
July 6, 2020
https://techxplore.com/news/2020-07-jobs-german-aircraft-firm.html

German aircraft engine manufacturer MTU Aero Engines said Monday it is planning to cut at least 1,000 jobs as the impact of the coronavirus continues to hammer the aviation industry.

"By the end of 2021, the company aims to reduce capacity at its German and international locations by a total of around 10 to 15 percent," the company said in a statement.
"As a result of the pandemic, the aviation industry will remain under pressure for some time to come," CEO Reiner Winkler was cited as saying.

European aircraft maker Airbus said last week it is planning to cut around 15,000 jobs worldwide, 11 percent of its total workforce, in response to the "gravest crisis" the industry has ever seen.
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stapp · Jul 9, 2020

Two of the UK's biggest High Street retailers, John Lewis and Boots, have announced 5,300 job cuts.
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https://www.bbc.co.uk/news/business-53348519

guest · Jul 17, 2020

Microsoft lays off under 1000 employees at the start of the new financial year
July 17, 2020
https://mspoweruser.com/microsoft-lays-off-1000-employees-at-the-start-of-the-new-financial-year/

The company yesterday announced that it has cut under 1000 jobs from across the company at the start of its financial year, the 1st of July.
We have heard earlier that it had cut editor jobs at its MSN portal, but ITNews reports that its very profitable Azure Cloud division was also impacted.

Two weeks ago the company warned about the impact of mass unemployment related to the pandemic and said it would fight this wave by retraining workers to make them more fit for the new economy and save millions of jobs.
Microsoft says it is common for the company to re-evaluate its business as it enters a new fiscal year.
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guest · Jul 17, 2020

Vox Media Lays Off 6% of Staff After Sharp Revenue Drop-Off Amid Pandemic
July 16, 2020
https://variety.com/2020/digital/news/vox-media-layoffs-6-percent-revenue-coronavirus-1234708210/

Vox Media, whose brands include New York Magazine, Vulture, The Verge and SB Nation, is cutting 6% of its workforce, laying off about 70 employees.

According to a memo sent to company staff Thursday, CEO Jim Bankoff said the majority of the employees being pink-slipped were furloughed in May (when Vox Media said it was furloughing 9% of its staffers for a three-month period).
Bankoff said Vox Media has already brought back (or will soon) nearly 30% of furloughed employees who did not take buyouts, per the memo obtained by Variety.

“It goes without saying by now that COVID-19 has had an impact that no one could have anticipated,” Bankoff wrote. “While our work and efforts have never been stronger or more relevant, Vox Media is not exempt from the pain caused by the wake of the pandemic.”
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guest · Jul 21, 2020

LinkedIn laying off nearly 1,000 amid hiring slowdown
July 21, 2020
https://apnews.com/e0eb599bf316623c239500bb41036efb

LinkedIn is laying off nearly 1,000 employees, approximately 6% of its workforce globally [...]
The outbreak has disrupted commerce globally, closing thousands of businesses while forcing others to furlough large numbers of employees as they await a recovery. Hiring has slowed dramatically.

In a note to employees at the professional networking site, CEO Ryan Roslansky said that the job cuts will hit global sales and hiring sections of the company. He said no further layoffs are planned.
The company, which is owned my Microsoft, is based in Sunnyvale, California.
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guest · Jul 31, 2020

Gogo is cutting 14% of its jobs
July 30, 2020
https://www.chicagobusiness.com/john-pletz-technology/gogo-cutting-14-its-jobs

Gogo, which provides WiFi on commercial and private aircraft, says it will cut 143 jobs, or about 14 percent of its headcount.
The Chicago-based company furloughed 600 workers, or 60 percent of its workforce, in May.

Air travel has improved since April, when the number of passengers was 95 percent below normal. But the recovery stalled in recent weeks with a resurgence of COVID-19 cases around the country. As a result, the aviation industry is gearing up for layoffs. Airlines, which received billions in federal aid, agreed not to cut jobs before Oct. 1.

"As the pandemic continues to impact commercial airline travel, we are taking additional actions as part of our comprehensive 16-lever strategy to reduce costs,” Gogo’s CEO, Oakleigh Thorne, said in a statement.
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guest · Aug 4, 2020

Booking.com aims to lay off 25% of its workforce
August 4, 2020
https://edition.cnn.com/2020/08/04/business/booking-layoffs-coronavirus/index.html

Booking Holdings plans to lay off 25% of its global workforce as a result of the downturn in travel demand caused by Covid-19.

The proposed layoffs at its Booking.com unit, which amounts to roughly 4,000 employees, will begin in September after it finishes consulting with "works councils, employee representatives and other relevant organizations," the company said in a regulatory filing.

"The Covid-19 crisis has devastated the travel industry, and we continue to feel the impact as travel volumes remain significantly reduced," a Booking spokesperson said in a statement. "While we have done much to save as many jobs as possible, we believe we must restructure our organization to match our expectation of the future of travel."
The conglomerate owns a number of websites that have been hit by the drop-off in travel, including Booking.com, Kayak, Priceline and OpenTable.
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With fewer people traveling, Booking is the latest company to cut jobs. Airbnb and TripAdvisor both slashed their staffs by 25% in the spring, and Expedia CEO Peter Kern recently said the "second quarter of 2020 represented likely the worst quarter the travel industry has seen in modern history."
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stapp · Aug 11, 2020

Struggling department store group Debenhams says it will cut 2,500 more jobs as it struggles to survive the coronavirus pandemic.
This is on top of the 4,000 announced since May, meaning the retailer will have cut a third of its workforce.
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https://www.bbc.co.uk/news/business-53733929

stapp · Aug 18, 2020

Marks & Spencer is cutting 7,000 jobs over the next three months across its stores and management.
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It said the coronavirus pandemic had made it clear there had a been a "material shift in trade".
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https://www.bbc.co.uk/news/business-53817598

guest · Aug 29, 2020

Aussie jobs go as Accenture sacks at least 25,000 staff globally
August 25, 2020
https://www.afr.com/technology/auss...t-least-25-000-staff-globally-20200821-p55o43

Hundreds of Australian staff are being fired at global technology consulting giant Accenture as it moves to cut at least 5 per cent of its global workforce as a result of plummeting demand amid the COVID-19 pandemic.

The global cuts could hit 25,000 staff, and sources in the Australian operations of the US-listed firm have told The Australian Financial Review an initial wave of job losses, targeting the bottom 5 per cent of employees by performance measures, was largely completed by August 14.

"We finished our second quarter at the end of February and we were growing 8 per cent. We were having an incredible year," she said.
She said growth had collapsed to 1.3 per cent as the pandemic had taken hold.
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One of the executives said Accenture was pretending workers were leaving as part of normal performance management processes, instead of just coming clean with staff and clients that they had to cut staff because of the pandemic.
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guest · Sep 9, 2020

Google’s Waze lays off 5 percent of its workforce, closes offices in Asia and Latin America
The Google-owned navigation company is seeing drops in advertising revenue as a result of the pandemic
September 9, 2020
https://www.theverge.com/2020/9/9/21428907/waze-layoff-pandemic-google-navigation-driving

Waze, the Google-owned navigation and mapping service, will lay off 5 percent of its global workforce, or about 30 people out of 555 total employees, the company’s CEO said in an email to employees. Waze will also close several of its offices in the Asia-Pacific and Latin America regions as it seeks to refocus its business on certain markets.

Waze said the layoffs were partly due to the coronavirus pandemic, which has emptied roadways around the world and sent many cities into lockdown.
Waze, which was acquired by Google in 2013 for a reported $1.1 billion, has seen a dip in both monthly active users, or the number of customers using the app each month, and driven kilometers, the metric by which the company measures how far its customers drive while using Waze.
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In April, Waze laid out in a blog post just how severely some of those numbers are falling.
But as the pandemic stretched on, those figures got worse. Waze says that at one point during the lockdown, global weekly driven kilometers were down 70 percent.

Waze will “rethink priorities,” CEO Noam Bardin said in the email, “and we’ve decided to focus our resources on product improvements for our users, accelerate our investments in technical infrastructure, and refocus our sales and marketing efforts on a small number of high-value countries.”
Waze is also closing offices in countries like Malaysia, Singapore, Colombia, Chile, and Argentina, as it seeks to bring more focus in countries where its business is growing. That includes the US, the UK, France, Brazil, and Mexico.
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Waze is aware that laying people off in the middle of a pandemic can be cruel.
Here’s Waze CEO Noam Bardin entire note to staff: [...]
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stapp · Sep 30, 2020

Walt Disney has announced it will lay off 28,000 employees, mostly at its US theme parks.
Disney cited the parks' limited visitor capacity and uncertainty about how long the coronavirus pandemic would last as reasons for the layoffs.
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https://www.bbc.co.uk/news/business-54350423

guest · Oct 8, 2020

The 10 Biggest Tech Layoffs In 2020 (So Far)
A large number of tech workers have been laid off in 2020 due in large part to the impact of the COVID-19 coronavirus pandemic
October 7, 2020
https://www.crn.com/slide-shows/channel-programs/the-10-biggest-tech-layoffs-in-2020-so-far-/

Tough Times
The COVID-19 coronavirus pandemic has had a big impact on tech workers in the U.S. Because of lockdowns and other restrictions, many employees in 2020 were laid off despite moves by the U.S. government such as the Payroll Protection Program which helped many small and midsize businesses, and a few enterprises, continue payroll for a limited time.

Tech workers, however, were for the most part spared the worst effects of the pandemic as employers learned how to help most if not all of their employees get set up to work from home. That said, tech workers were not immune to the increased unemployment from the pandemic, as some IT companies had to close certain projects or change how they sold or supported products and services.
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For this list, CRN is looking at the 10 biggest tech layoffs based on the overall impact of those layoffs. [...]
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Code:
1. Sophos
2. Hitachi Vantara
3. Datto
4. ConnectWise
5. Cognizant
6. NetApp
7. Deloitte
8. Accenture
9. AT&T
10. Office Depot

guest · Oct 21, 2020

Cathay Pacific to cut thousands of jobs, close subsidiary airline
October 21, 2020
https://www.rappler.com/business/ca...housands-jobs-close-subsidiary-airline-dragon

Cathay Pacific is to slash up to 5,900 jobs and shutter its Cathay Dragon subsidiary, the Hong Kong carrier said on Wednesday, October 21, joining a growing list of airlines making swinging cuts as they reel from the coronavirus pandemic.

On Wednesday, Cathay Pacific published a corporate restructuring plan that will lead to thousands of job losses and one of its airlines to disappear completely.

"The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the Group to survive," chief executive officer Augustus Tang said in a statement.
Bosses said 5,300 redundancies would be made among the airline's Hong Kong-based employees with a further 600 losses overseas – the equivalent of 17% of its total workforce.
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Including a recruitment freeze and natural attrition, 8,500 positions will disappear in total.
Cathay Dragon, a subsidiary that primarily flies shorter-haul flights within Asia, will cease operations.
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guest · Oct 21, 2020

Finland's national carrier cuts over 10% of workforce
October 20, 2020
https://www.journal-news.com/nation...r-10-of-workforce/MZWTCL46WNAXBKDMDPYSXP7P24/

Finland's national carrier said Tuesday it will cut 700 jobs - over 10% of its workforce - by the end of March next year due to the impact of the COVID-19 pandemic on global travel.

Finnair, which is heavily focused on flights from Europe to Asia, said that some 600 of the redundancies would be in Finland and another 100 outside the Nordic country. Pilots and cabin crew would not be affected.
Finnair CEO Topi Manner said in a statement that “the corona pandemic has been completely unfair to our industry and unfortunately many Finnair employees now must experience its financial implications personally.”

He said that the job cuts and other planned changes at the carrier based in Helsinki are “necessary and inevitable."
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The coronavirus pandemic has forced almost all global airlines to halt most of their flights. Finnair has already temporarily laid off a large part of its 6,500 staff and its flight traffic was down 91% in September from the previous year. The layoffs are the first permanent cuts it has announced so far.
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guest · Nov 26, 2020

Disney to lay off 32,000 workers in 2021
November 26, 2020
https://today.rtl.lu/news/business-and-tech/a/1620132.html

Disney said Thursday it will cut 32,000 jobs in 2021, primarily from its US theme parks division, an increase from layoffs announced in September.

The company, which previously said it would cut 28,000 jobs, has struggled with the pandemic and social restrictions.
reported are part of September's announcement -- would be made in the first half of next year.

"Due to the current climate, including COVID-19 impacts, and changing environment in which we are operating, the Company has generated efficiencies in its staffing, including limiting hiring to critical business roles, furloughs and reductions-in-force," Disney said in a filing explaining the job losses.
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The majority of the terminations would be in "Parks, Experiences and Products" it added.
Disney employs around 203,000 people globally, with around 20 percent part-time workers, according to CNBC.
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guest · Dec 13, 2020

Sacramento turns COVID layoffs into a cyber training opportunity
December 11, 2020
https://www.scmagazine.com/home/gov...id-layoffs-into-a-cyber-training-opportunity/

COVID-19 has caused devastating unemployment. Moody’s estimates it could take until 2024 to recover the 22 million jobs lost. A highly motivated workforce is now stuck at home with no work.
The city of Sacramento saw this as an opportunity.

The idea: Sacramento began offering free, comprehensive cybersecurity training for workers displaced due to COVID-19. It’s first cohort of trainees is about to enter end-of-class internships.

“It’s helping build an infrastructure that will benefit us for years,” said Kriztina Palone, the new workforce development manager at the city’s Office of Innovation and Economic Development.
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guest · Dec 21, 2020

Cisco confirms layoffs of 3500 employees since pandemic start
December 21, 2020
https://www.crn.com.au/news/cisco-confirms-layoffs-of-3500-employees-since-pandemic-start-559217

Cisco Systems has let go 3,500 employees since the COVID-19 pandemic began, the tech giant confirmed.

“We are always evaluating our growth areas and aligning our resources to meet customer demands. As a result, since the pandemic began, we have restructured approximately 3,500 roles. In addition, we’ve hired thousands of people for new roles in other areas of the business,” a Cisco spokesperson said in an email to CRN.
Cisco is also refuting a report by The Washington Post said that the tech giant planned to cut at least 8,000 employees, or more than 10 percent of its workforce, citing three former employees with knowledge of the matter as its sources.
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guest · Jan 13, 2021

Dropbox to layoff 11% of workforce, COO to step down
January 12, 2021
https://www.livemint.com/technology...orkforce-coo-to-step-down-11610552892187.html

Dropbox Inc on Wednesday announced the exit of operations chief and said it will cut 11% of its global workforce, or 315 people, as the file hosting service provider shifts business resources in the wake of the COVID-19 pandemic.

"Our Virtual First policy means we require fewer resources to support our in-office environment, so we're scaling back that investment and redeploying those resources to drive our ambitious product roadmap," Chief Executive Officer Drew Houston said in a letter to employees on Wednesday.
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The San Francisco-based company had said in October that remote work due to the COVID-19 pandemic will be a primary experience for its employees and its physical spaces will no longer be for daily individual work.
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