Tech Company Now Announces an Unexpected 440 Job Cuts

February 6, 2024

An American tech company now announces an unexpected 440 job cuts, or 6% of its workforce as part of a restructuring plan.

DocuSign, which is headquartered in San Francisco, California, employs 7,336 workers according to its most recent filing with the SEC, which means the layoffs will affect around 440 jobs, reports CNBC.

Shares of the company are currently down more than -15% within the last five trading days with the price tumbling during the announcement.

DocuSign announced on Tuesday that it will cut 6% of its workforce as part of a restructuring plan that aims to improve the company’s “financial and operational efficiency,” according to a release.

DocuSign said the restructuring plan will be largely complete by the end of its second fiscal quarter of 2025, according to the release.

The company added that it expects to “meet or exceed” its fourth-quarter and fiscal-2024 guidance that it outlined in a release in December.

The company said it will share more details about the restructuring when its fourth-quarter results are released.

In January, shares of DocuSign soared on reports that Bain Capital and Hellman & Friedman were competing to buy the online signature provider.

But talks between the firms and the company have reportedly stalled over deal price disagreements, Reuters reported Monday.

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Also Read: A Grocery Store With 900 Locations Now Makes Unexpected Closure

Other Economy News Today

A massive beverage distributor now shutters in Texas and will lay off 109 employees starting in late February.

Jumbo Beverages, a subsidiary of Glazer’s Beer and Beverages, is permanently shuttering a warehouse in Grapevine, Texas, on Feb. 29, according to a WARN filing.

The closure will impact 109 employees, with a majority of the layoffs expected to occur on Feb. 29, while remaining employees will be separated on April 30, according to a notice emailed to Supply Chain Dive.

The letter didn’t state why the distributor is closing its warehouse.

Jumbo Beverages is a subsidiary of distributor Glazer’s Beer and Beverage, and represents 34 beverage companies, including Nesquik, San Pellegrino and Fiji Water, across 13 counties in North Texas, according to the company’s website.

While Jumbo Beverages may be closing its facility, other beverage distributors have been investing in their warehouse operations.

Southern Glazer’s Wine and Spirits, for instance, is planning to deploy AI technology and robotics warehouse automation in select distribution centers by 2025, reports Supply Chain Dive.

“The tech aims to improve order accuracy, fill rates and increase capacity.”

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