Posted on August 05, 2022
Speaker maker Sonos plans to cut 12% of its global workforce due to “uncertainty and challenges stemming from the Covid-19 pandemic,” the company announced in a filing Tuesday. It’s also closing its retail store in New York City and six satellite offices.
The Santa Barbara-based company said in a May letter to shareholders that it began a review of planned investments and implemented initial actions in March to reduce operating expenses and preserve liquidity. It said those actions included cutting marketing investments, managing and “tightening” inventory and eliminating some discretionary operating expenses.
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