San Francisco: US-based high-tech speaker and audio technology company Sonos has made an announcement to reduce its workforce by seven percent, which equates to approximately 130 employees. This decision comes as a response to the challenging economic conditions faced by the company.
Sonos has also revealed plans to decrease its real estate footprint and reassess certain program expenditures. The company acknowledges that decisions concerning job cuts are subject to local law and consultation requirements in specific countries. In addition, Sonos is committed to further reducing its real estate footprint and reevaluating specific program spend. These steps are being taken to optimize the company's operations and adapt to the current economic landscape.
As a result of these changes, Sonos expects to incur approximately USD 11 to USD 14 million in restructuring and related charges. Out of this amount, USD 9 to USD 11 million will be allocated to employee severance and benefits costs. The majority of these restructuring charges are anticipated to be recorded in the third quarter of fiscal 2023.
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