2023 Layoff Tracker: Etsy Cuts 225 Employees

Topline Online marketplace Etsy laid out plans on Wednesday to slash roughly 225 jobs as part of a major restructuring effort, making it the latest major U.S. company to reduce its head count this year (see Forbes’ layoff tracker from earlier this year here ). Etsy announced plans on Wednesday to cut 225 employees. December 13 Etsy CEO Josh Silverman announced the cuts—affecting 11% of the online marketplace’s workforce—in a press release on Wednesday, attributing the layoffs to a “very challenging macro and competitive environment” and a rise in employee expenses even after the company implemented a hiring pause, saying: “This is ultimately not a sustainable trajectory and we must change it.” December 12 Hasbro , which already cut 800 employees this year, will cut another 1,100 of its roughly 6,500 employees, CEO Chris Cocks said in an internal memo shared with Forbes, telling employees the “market headwinds we anticipated have proven to be stronger and more persistent than planned.” December 11 State Street is planning to cut approximately 1,500 employees at the start of 2024, with CFO Eric Aboaf saying the Boston-based financial company expects to incur $175 million to $200 million in severance costs, the Boston Globe reported . December 8E-commerce company Zulily will cut over 800 employees, including 292 in Washington, according to a state Worker Adjustment and Retraining Notification, and 550 in Nevada and Ohio , according to state notices—nearly eight months after the company was bought by California private equity firm Regent. December 4 Spotify CEO Daniel Ek announced the layoffs in a memo to employees Monday morning, saying the company will cut 17% of its staff—estimated to affect 1,500 employees—in a cost-cutting move Ek said would “ensure we are right-sized for the challenges ahead,” citing a slowdown in economic growth, adding: “Spotify is […]

See also  North Korea's first 2024 missile test was conducted with remote U.S. targets in region in mind, analysts say

Click here to visit source. 2023 Layoff Tracker: Etsy Cuts 225 Employees

By Donato