Tech and retail companies, including Microsoft and Amazon, have recently implemented layoffs
Workers across industries are facing uncertainty as a few companies have initiated job cuts in recent weeks, making 2024 a challenging year for layoffs.
In retail and tech, some of these cuts come after a surge in hiring seen during the COVID-19 pandemic — when people spent more time and money online. Now, many companies are reducing their workforce to lower their costs and strengthen their bottom line.
Here are some tech and retail companies that have laid off workers recently:
layoffs
REI is laying off 357 employees, mostly at foreign trade headquarters and distribution centers. CEO Eric Artz noted in a letter to employees that “outside sales have been down for four quarters — and that trend is getting worse.” While REI was able to beat that for much of last year, he said that trend has ended. for the company in the fourth quarter, and difficult conditions are expected in 2024.
Levi layoffs
Levi Strauss & Co. will cut its global corporate workforce by 10 to 15 percent in the first half of the year as part of a two-year restructuring plan aimed at cutting costs and simplifying its operations, the denim giant said. The layoffs came on the same day Levi’s announced a proposed 10-year extension of the naming rights to Levi’s Stadium, home of the San Francisco 49ers, in a $170 million deal.
Microsoft layoffs
Microsoft is laying off about 1,900 employees in its gaming division, according to an internal company memo. The job cuts — which represent about an 8 percent reduction in Microsoft’s 22,000-strong gaming workforce — come just over three months after the tech giant completed its $69 billion purchase of video game maker Activision Blizzard.
TikTok layoffs
TikTok said it is cutting dozens of employees from its advertising and sales unit. A spokesperson for the company confirmed that the social media platform is cutting 60 jobs. TikTok, owned by Beijing-based ByteDance, did not give a reason for the layoffs.
Riot Games layoffs
Video game developer Riot Games, behind the popular “League of Legends” multiplayer fighting game, is cutting 11% of its staff. The company, owned by Chinese tech giant Tencent, said 530 jobs would be cut.
eBay Terminations
Online retailer eBay Inc. is cutting about 1,000 jobs, or an estimated 9 percent of its full-time workforce, saying its workforce and costs have outpaced how much the company is growing amid a slowing economy.
Wayfair layoffs
Online furniture seller Wayfair is laying off about 1,650 jobs, or 13 percent of its global workforce. The restructuring is set to reduce the size of teams across the company and cut old ones in certain roles as the company plans to “rebuild with a modified alignment” this year, CEO and co-founder Niraj Shah said.
Macy’s layoffs
Macy’s is laying off about 3.5% of its total workforce, which equates to about 2,350 employees. The iconic department store is also closing five locations in Arlington, Virginia; San Leandro, California; Lihue, Hawaii; Simi Valley, California; and Tallahassee, Florida.
Google layoffs
Google announced that it is laying off hundreds of employees working in the hardware, voice assistance and design teams. The cuts are the result of promises by executives at Google and its parent company Alphabet to cut costs. A year ago, Google announced that it would lay off 12,000 employees, or about 6 percent of its workforce.
Amazon layoffs
Amazon-owned Twitch is cutting more than 500 jobs to save costs. The video streaming platform’s CEO, Dan Clancy, said in an email to employees that while cost-cutting and efficiencies are increasing, the platform “is still significantly larger than it needs to be for the size of our company.”
Amazon-owned online audiobook and podcast service Audible is laying off about 5 percent of its workforce. Audible CEO Bob Carrigan said in a memo to employees that the company is in good shape but faces an “increasingly challenging landscape.” In addition, Amazon’s Prime Video and MGM Studios unit is cutting hundreds of jobs as it shrinks unprofitable areas.
