Your Favorite Tech Company Now Lays Off Over 600 Employees

Your favorite tech company now lays off over 600 employees in California, shortly after it canceled a long-running project.

Apple is laying off 614 workers in California, according to a new state filing, the company’s first significant round of job cuts since the Covid pandemic.

The affected Apple employees worked at eight different facilities in Santa Clara, according to the WARN notice posted by California.

The workers were officially informed of the cuts on March 28 and the changes are effective May 27, the filing said.

Apple hasn’t been forced into the same kind of downsizing as its tech peers, largely because the iPhone maker grew more slowly than rivals during the pandemic.

The filing comes weeks after Apple canceled a long-running project to build an electric, self-driving car in a team called the Special Projects Group.

While the California notice didn’t mention the specific projects where jobs are being cut, none of the locations in the filing are at Apple’s Cupertino headquarters, but at smaller, satellite offices more likely to house secretive initiatives.

Positions that were cut include machine shop managers, hardware engineers and product design engineers, according to the San Francisco Chronicle.

An Apple representative declined to comment, per CNBC.

Layoffs in the United States continues to be a developing topic.

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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

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Market News Today - Your Favorite Tech Company Now Lays Off Over 600 Employees.
Market News Today – Your Favorite Tech Company Now Lays Off Over 600 Employees.

A health improvement company now files an unexpected bankruptcy to get out of its brick and mortar leases that have not performed well.

American Home Fitness, based in suburban Detroit, filed for Chapter 11 bankruptcy protection on April 2.

The company has assets between $1 and $10 million with liabilities between $100,000 and $500,000.

The bankruptcy filing will allow the company to get out of leases for brick-and-mortar locations that have not performed well in the post-Covid era.

“This company was performing really well,” the company’s legal representative Charles Bullock told Crain’s.

“In fact, during COVID, it had very strong years. Post-COVID, there’s been a real decline in at-home exercise.

Foot traffic is down significantly at their stores, and they still have leases that they have to pay on.”

The company’s Chapter 11 bankruptcy filing said that there will be funds available for unsecured creditors.

American Home Fitness intends to keep operating after its reorganization.

American Home Fitness also plans to honor the $12,500 in gift cards it has outstanding.

“The debtor filed this bankruptcy to reorganize its financial affairs to better meet market demand in the current retail environment,” the filing said.

“The debtor is confident in its ability to emerge from its reorganization as a stronger, more efficient operation.”

American Home Fitness, while only a regional brand, has been around much longer than its famous rival, Peleton.

“As a locally owned and operated business since 2001, American Home Fitness understands and values our responsibility to the local communities that we operate in,” the company shares on its website.

The company makes and sells a vast array of exercise equipment ranging from old-school weights to all types of connected fitness devices.

“Every member of our team is experienced using and maintaining every piece of equipment we sell.

We are athletes, trainers and fitness experts. We listen to your needs and your goals, and we help you find the perfect equipment to help satisfy both,” the company posted.

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Also Read: Millions May Now See Higher Social Security Money Checks

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Market News Today - Your Favorite Tech Company Now Lays Off Over 600 Employees.
Market News Today – Your Favorite Tech Company Now Lays Off Over 600 Employees.

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