A Popular Tech Company Now Continues With More Painful Layoffs

A popular tech company now continues with more painful layoffs with employees posting on social media about their notice.

The most recent layoffs, which were first reported by Electrek and Business Insider, appear to be hitting different segments of the company, including software, services, and engineering.

Employees said they received layoff notices over the weekend and on Monday, according to The Verge.

It’s unclear how many employees have been affected.

Business Insider reported at least seven employees posted about being laid off on Sunday.

The layoffs first started last month, when Tesla began laying off what was said to be at the time 10 percent of the company’s global workforce of 140,000 people.

The layoffs included Tesla’s head of EV charging, Rebecca Tinucci, as well as her entire 500-person team.

Tesla’s head of the new vehicles program, Daniel Ho, was also let go.

On X, Tesla CEO Elon Musk said the company needed to be reorganized every five years.

And in an email to employees, he said the company needed to be “absolutely hard core” about the cuts and that staffers working under executives who “don’t obviously pass the excellent, necessary and trustworthy test” would be out of a job.

According to Bloomberg, Musk privately expressed a desire to lay off at least 20 percent of the company because its quarterly vehicle deliveries fell by that much.

Tesla is going through one of its toughest financial situations in years, with sales dropping and profits down 55 percent year over year.

The company is experiencing an increase in competition, both in the US and in China, while also dealing with waning demand for EVs globally.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

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Market News Today - A Popular Tech Company Now Continues With More Painful Layoffs.
Market News Today – A Popular Tech Company Now Continues With More Painful Layoffs.

A massive clothing retailer is now closing all 540 stores in just six weeks after unexpectedly filing for bankruptcy.

Liquidation sales will be held at rue21 outlets across the US as bosses rush to clear the last remaining stock.

The clothing retailer has entered bankruptcy and bosses have announced plans to close all 540 remaining stores within six weeks, reports The US Sun.

It is the third time in less than 25 years the fashion retailer has entered bankruptcy, per Bloomberg.

Court documents seen by Reuters revealed the company has more than $190 million of debt.

The chain has 540 stores across the US and 4,900 workers are set to be impacted.

Outlets are to slam shut within four to six weeks, according to court papers.

Bosses also announced plans to sell the company’s intellectual property.

The company narrowly avoided going into bankruptcy in October 2022.

Chiefs filed for bankruptcy in 2017 as they rushed to clear around $700 million worth of debt.

Bosses shuttered 400 stores as well and renegotiated leases.

Execs identified the rise of online shopping and changing consumer trends as reasons behind the bankruptcy.

Michele Pascoe, the interim CEO, also alluded to the impacts of competition and inflation.

The company also filed for bankruptcy in 2002.

At its peak, the company had more than 1,000 stores across the US.

The chain has dozens of outlets across several states, including Florida, Georgia, Illinois, North Carolina, Pennsylvania and Texas.

The teen fashion retailer is not the only clothing chain that has entered bankruptcy over the past year.

Last month, Express chiefs filed for bankruptcy, and at least 100 stores are set to close.

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Market News Today - A Popular Tech Company Now Continues With More Painful Layoffs.
Market News Today – A Popular Tech Company Now Continues With More Painful Layoffs.

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