A Massive Streaming Platform Is Now Hit With Unexpected Layoffs

A massive streaming platform is now hit with unexpected layoffs as the company sets to eliminate a whopping 755 employees.

Spotify has issued a WARN notice advising that it plans to lay off 755 employees, equating to 8.5% of its global workforce, across its New York locations.

This cutback is a part of the music-streaming giant’s larger plan to reduce its global workforce by approximately 17%, or 1,500 employees, according to the company’s press release.

The New York layoffs, which include 750 employees at the Greenwich Street site and 5 employees at the Flatbush Avenue site, are set to take place on March 4, 2024, with a phased approach extending through to August 25, 2024.

This downsizing move aligns with Spotify’s global strategy to scale back operations amidst challenging economic conditions characterized by slower growth and more expensive capital.

The company’s CEO, Daniel Ek, pointed out the necessity of “rightsizing” Spotify’s operations, aiming to streamline and enhance efficiency as the company navigates through economic headwinds and seeks to rekindle its startup ethos.

Spotify’s decision to cut jobs reflects a broader trend in the tech industry, where companies are making tough calls to stabilize their finances and future-proof their operations.

Earlier this year, Spotify had already reduced its workforce by over 500 in January, joining the ranks of tech majors like Microsoft and Amazon in implementing significant layoffs due to the global economic slowdown, according to CNN.

And in June, the company had made cuts within its podcasting division, further indicating the pervasive impact of the economic climate on the tech sector.

The current and previous layoffs at Spotify appear to be part of a widespread response to the economic pressures of inflation, rising interest rates, and funding challenges.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

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Market News Today - A Massive Streaming Platform Is Now Hit With Unexpected Layoffs.
Market News Today – A Massive Streaming Platform Is Now Hit With Unexpected Layoffs.

An unexpected shoe retailer now permanently closes one of its popular stores with more locations expected to shutter soon.

The New Balance store in Fairview Heights, Illinois is shutting its doors for good in just days following an abrupt announcement, reports The-Sun.

The brand with 111 stores across North America has now closed one of its popular locations in Illinois as of Sunday, November 26.

“Shoe shoppers in Fairview Heights lost Sketchers back in June and will now struggle to find comfortable sports and casual shoes,” says The-Sun.

Store items just moments prior to the closure were on sale, allowing locals to make the best out of these deals.

Store associate Victoria Martin revealed the location’s final day to the Belleville News-Democrat.

She was unable to give an official reason behind the closure and highlighted that the store was often recommended by nearby foot doctors.

Martin added that many customers are upset with the move with recent comments on its website focusing on the closure.

“Sorry you’re closing. Been a customer for many years. Recommend others to purchase from you,” one wrote.

“I’ve purchased shoes at this store in Fairview Heights for years and always had excellent quality of service with a pleasant smile,” another added.

“I deeply regret the notice of your choice to close the only store in Metro East. I live and work in Illinois,”

After Sunday’s closure, New Balance customers will have to travel to Richmond Heights or Creve Coeur in Missouri to visit the store.

Meanwhile, other big-name retailers are set to shut up shop in the state in January next year.

TJX plans to close a staggering 6 TJ Maxx and Marshalls locations in Chicago, Illinois in early 2024.

Also Read: Texas Now Has Massive Departures As Residents Leave State

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Market News Today - A Massive Streaming Platform Is Now Hit With Unexpected Layoffs.
Market News Today – A Massive Streaming Platform Is Now Hit With Unexpected Layoffs.

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