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Yuga Labs, the creative force behind the renowned Bored Ape Yacht Club, has embarked on a restructuring journey. The company, once valued at a staggering $4 billion, has today confirmed the dismissal of an undisclosed number of employees, after an earlier round of layoffs last October. The CEO, Greg Solano, also known by his moniker “Gargamel,” expressed his determination to transform the company. In a candid social media post, Solano admitted that Yuga Labs had strayed from its original path and the company is now in “hard mode”. His vision now is to steer the company towards becoming a leaner, more agile, and cryptonative team. Solano’s heartfelt message to the team revealed the difficulty of bidding farewell to talented team members. Despite the challenges, the CEO remains committed to returning the company to its crypto roots. Yuga Labs, founded in 2021, quickly rose to fame with its unique nonfungible token (NFT) collection, the Bored Ape Yacht Club. However, the company has faced its share of controversies, including a lawsuit from investors and delays in launching its highly anticipated Otherside video game. As part of the restructuring, Yuga Labs will concentrate its gaming efforts on "3D Otherside". Further details about its gaming plans are expected to be announced soon. This restructuring marks a significant shift for Yuga Labs. It raises questions about the future of the company and its impact on the NFT space. As the company navigates through this transition, the crypto community will undoubtedly be watching closely. What are your thoughts on Yuga Labs’ restructuring? Do you think this move will strengthen the company’s position in the NFT market? Share your views in the comments below. Read more: https://www.theblock.co/post/291224/yuga-labs-restructures-company-cuts-roles-to-focus-on-smaller-crypto-native-team https://cointelegraph.com/news/yuga-labs-restructures-layoffs-new-exec https://www.bloomberg.com/news/articles/2024-04-26/bored-ape-creator-yuga-labs-dismisses-employees-in-restructuring Image: Rafael Henrique | Dreamstime.com
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Nike, the global sportswear titan, has announced the termination of approximately 740 roles at its global headquarters in Oregon. This decision, part of a broader cost-saving strategy, is expected to commence its “second phase of impacts” by June 28. The Beaverton-based company’s decision follows a warning of a potential revenue dip in the first half of fiscal 2025. This strategic downsizing is part of a larger plan announced in December to save $2 billion over the next three years. In February, Nike revealed plans to reduce its total workforce by about 2%, equating to more than 1,600 roles. As of May 31, 2023, the company had approximately 83,700 employees. As the sportswear industry continues to evolve, companies like Nike are forced to adapt and make tough decisions. But what does this mean for the future of the industry? We’d love to hear your thoughts. Do you think this strategic downsizing will help Nike stay competitive in the long run? Read more: https://www.oregonlive.com/business/2024/04/nike-says-ongoing-layoffs-will-impact-740-in-oregon.html https://www.opb.org/article/2024/04/19/nike-layoffs-740-beaverton-oregon/ https://bwpeople.businessworld.in/article/Nike-To-Lay-Off-740-Employees-At-Oregon-HQ/20-04-2024-517840/ Image: Shuo Wang | Dreamstime.com
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Google has announced a fresh round of layoffs as part of a ‘large scale’ restructuring. This move, which is part of an effort to cut costs, has also led to a shift of roles abroad. The news has sent ripples across the tech industry, sparking discussions about the future of work in the sector. The layoffs, described as ‘pretty large-scale’, are part of a strategic move by Google to relocate some jobs overseas. Ruth Porat, Google’s chief financial officer, announced the creation of ‘growth hubs’ in India, Mexico, and Ireland. The restructuring will primarily affect the company’s finance department, including its treasury, business services, and revenue cash operations units. Interestingly, this announcement comes on the heels of Google’s expansion in Bangalore, Mexico City, Dublin, and Atlanta. The company is investing in these hubs, indicating a strategic shift in its operations. Despite the layoffs, Google has assured that affected employees will have the opportunity to apply for internal roles. This restructuring is not an isolated event. Earlier this year, Google made headlines when it laid off about 1,000 employees. The company also cut hundreds of jobs from its engineering, hardware, and assistant teams. These moves highlight the company’s ongoing efforts to streamline its operations and invest in its biggest priorities. How will this restructuring impact the future of work at Google and the broader tech industry? We invite you to share your thoughts below. Read more: https://nypost.com/2024/04/17/business/google-lays-off-workers-as-part-of-pretty-large-scale-restructuring/ https://www.reuters.com/technology/google-lays-off-employees-shifts-some-roles-abroad-amid-cost-cuts-2024-04-17/ https://www.crn.com/news/cloud/2024/google-layoffs-hit-finance-real-estate-divisions-report Image: Toxawww | Dreamstime.com
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Take-Two Interactive, the publisher behind the renowned “Grand Theft Auto” franchise and parent company of Rockstar Games, is planning to dismiss approximately 5% of its staff, translating to around 600 employees. This decision is part of a broader trend in the video gaming industry, which has seen an extension of job cuts for over two years. The cost-reduction strategy doesn’t stop at layoffs. Take-Two Interactive also revealed plans to discontinue several projects in development. While the company refrained from specifying which projects are on the chopping block, the cancellation is expected to result in total charges of up to $200 million. This strategic move by Take-Two Interactive is projected to yield more than $165 million in annual cost savings. The company’s shares, which have fallen nearly 10% this year, were 1% higher in extended trading following the announcement. Take-Two Interactive’s actions mirror those of other major players in the gaming industry, such as Electronic Arts, Nintendo, and Sony Playstation. These companies have also reduced their workforce this year due to uncertain consumer spending following the pandemic-era boom. The company, which had 11,580 full-time employees as of March 2023, has been focusing on the development of the next installment in the best-selling “Grand Theft Auto” franchise. However, some reports suggest that the title could be delayed into 2026 from 2025. How will these cost-cutting measures impact the future of Take-Two Interactive and the gaming industry at large? We invite you to share your thoughts and perspectives on this matter. Read more: https://www.gamesindustry.biz/take-two-laying-off-5-of-staff https://sea.ign.com/grand-theft-auto-vi-rumored-title/214556/news/take-two-announces-layoffs-while-canceling-multiple-in-development-projects https://www.bloomberg.com/news/articles/2024-04-16/take-two-to-cut-workforce-5-drop-projects-in-savings-drive Image: Dennizn | Dreamstime.com
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Intel, the Santa Clara-based chipmaker, has confirmed a new round of layoffs. The restructuring primarily targets the Sales and Marketing Group, a division led by Intel’s Chief Commercial Officer, Christoph Schell. The exact number of affected employees remains undisclosed, but the move is part of Intel’s broader transformation strategy. The layoffs come amidst Intel’s ambitious restructuring plans. The company is separating its product design businesses from its chip manufacturing operations, a move that revealed a $7 billion operating loss last year. Intel Foundry, the chip-making arm, is expected to become an independent contract chip manufacturing business, competing with Asian foundry giants TSMC and Samsung. Intel’s decision to reduce its workforce is not without precedent. In October 2022, CEO Pat Gelsinger announced plans to cut spending by as much as $10 billion through 2025. This was in response to an "abrupt and pronounced slowdown in demand". However, the company has not disclosed the total number of employees laid off since then. How will these layoffs impact Intel’s future and the broader tech industry? Please share your thoughts below. Read more: https://www.crn.com/news/components-peripherals/2024/intel-layoffs-april-2024 https://www.tomshardware.com/tech-industry/intel-confirms-new-round-of-layoffs-in-its-sales-and-marketing-group https://www.tweaktown.com/news/97376/intel-layoffs-hit-the-sales-and-marketing-division-as-amd-cooks-up-its-new-zen-5-cpus/index.html Image: FPCreativeStock | Dreamstime.com
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Apple has confirmed plans that it is laying off more than 600 employees. This decision comes in the wake of the cancellation of the long-anticipated Apple Car project. The layoffs are set to affect workers across eight different facilities in Santa Clara, California, a region close to Apple’s Cupertino headquarters. The layoffs were officially announced to the workers on March 28, and the changes are expected to take effect from May 27. This marks the company’s first significant round of job cuts since the pandemic. The positions that were cut span a range of roles, including machine shop managers, hardware engineers, and product design engineers. The cancellation of the Apple Car project appears to be the primary driver behind these layoffs. The ambitious project aimed to build an electric, self-driving car. However, after years of development, Apple decided to pull the plug on the project. The recent layoffs at Apple highlight the challenges and uncertainties that even tech giants face when venturing into new territories. As Apple navigates through this transition, it raises a thought-provoking question: How will these layoffs impact Apple’s future innovation strategies and its standing in the tech industry? We invite you to share your thoughts and perspectives on this topic. Read more: https://www.macrumors.com/2024/04/04/apple-employee-layoffs-car-project/ https://appleinsider.com/articles/24/04/05/apple-lays-off-600-employees-mostly-from-apple-car-project https://www.nbcnewyork.com/news/national-international/apple-lays-off-over-600-california-employees-after-shuttering-car-project/5291674/ Image: Sergii Figurnyi | Dreamstime.com
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Amazon Web Services (AWS), a leading player in the cloud computing industry, has reportedly laid off hundreds of employees. The layoffs primarily targeted staff involved in developing technology for physical retail stores within AWS. This move has sent ripples through the tech community, raising questions about the company’s future direction. However, the layoffs were not limited to the tech division. Several hundred more employees in the sales, marketing, and global services division were also let go. This significant reduction in workforce is speculated to be part of a broader reorganization under sales chief Matt Garman. The exact reasons behind this decision remain unclear, as AWS and its parent firm Amazon.com did not immediately respond to requests for comment. These layoffs come at a time when AWS is facing increasing competition in the cloud services market. It’s worth noting that Amazon has also laid off hundreds of staff in other divisions, including its Prime Video service, healthcare business, and Alexa voice assistant unit. This suggests a possible shift in Amazon’s strategy, possibly focusing more on its core businesses. In conclusion, the recent layoffs at AWS have raised eyebrows in the tech industry. It remains to be seen how these changes will impact AWS’s position in the cloud services market and whether this will lead to a shift in the company’s strategy. What are your thoughts on these developments? Do you think this could signal a major shift in Amazon’s strategy, or is it just a part of regular business restructuring? Read more: https://www.reuters.com/technology/amazon-web-services-lays-off-tech-sales-staff-information-reports-2024-04-03/ https://www.bloomberg.com/news/articles/2024-04-03/amazon-is-cutting-hundreds-of-jobs-in-cloud-computing-division https://www.businessinsider.com/amazon-job-cuts-aws-roles-cloud-computing-division-aws-2024-4 Image: Waingro | Dreamstime.com
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Nintendo of America (NOA) has reportedly laid off around 120 contractors. This restructuring move is said to be part of a broader effort to drive greater global integration in game development efforts. The shakeup has resulted in the termination of some contractor assignments, while simultaneously creating “a significant number of new full-time employee positions”. The restructuring is said to better align NOA with interregional testing procedures and operations. However, the exact number of employee positions created remains unclear. This move comes amid a reported “lull” in Nintendo of America’s testing department, with no new major first-party games currently in the testing pipeline. The timing of these layoffs has raised eyebrows in the gaming community, as it takes place ahead of the highly-anticipated launch of the Switch 2. The Switch 2, originally expected to arrive later this year, has now seen its release pushed back to March 2025. What impact will this restructuring have on the quality of Nintendo’s future releases? And more importantly, how will this affect the launch of the much-anticipated Switch 2? We’d love to hear your thoughts on this. Read more: https://kotaku.com/nintendo-switch-2-layoffs-testing-zelda-totk-1851369539 https://www.eurogamer.net/nintendo-confirms-contractor-layoffs-amid-claims-of-testing-lull-ahead-of-switch-2 https://gamerant.com/nintendo-of-america-layoffs-120-contractors/ Image: Citalliance | Dreamstime.com
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Stellantis, the parent company of Chrysler, has recently announced a significant workforce reduction. The automotive giant is laying off approximately 400 salaried employees in the United States. This decision, effective from March 31, 2024, is a result of what the company refers to as "unprecedented uncertainties and heightened competitive pressures around the world". The layoffs primarily affect workers in the fields of technology, software, and engineering. This move represents a 2% reduction of the workforce in these areas for Stellantis. Despite achieving record profits in the previous year, the company cited various reasons for the layoffs. The transition from combustion engines to electric vehicles is one of the major challenges that Stellantis is currently facing. The company, formed through the merger of PSA Peugeot and Fiat Chrysler in 2021, is making significant strides in this direction. However, the transition is not without its hurdles, and the layoffs are seen as a part of the company’s strategy to navigate through these challenges. Stellantis’ CEO, Carlos Tavares, has repeatedly emphasized that electric vehicles cost 40% more to manufacture than their gasoline counterparts. As a result, the company is continually seeking ways to improve efficiency and optimize its cost structure. In conclusion, the layoffs at Stellantis highlight the complexities and challenges that automakers face in the transition to electric vehicles. As the industry continues to evolve, companies like Stellantis must make tough decisions to stay competitive. Do you think the transition to electric vehicles justifies the layoffs? Share your views in the comments below. Read more: https://www.carscoops.com/2024/03/stellantis-lays-off-400-u-s-white-collar-workers-amidst-competitive-pressures/ https://www.autonews.com/manufacturing/stellantis-job-cuts-company-lays-2-engineering-tech-software-workers https://www.reuters.com/business/autos-transportation/chrysler-parent-stellantis-laying-off-about-400-us-workers-2024-03-22/ Image: Jonathan Weiss | Dreamstime.com
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Joann, a beloved crafts retailer, has filed for Chapter 11 bankruptcy. Known for its wide range of craft supplies, home decor, and sewing supplies, Joann has been a go-to destination for craft enthusiasts across the nation. The company, which boasts over 800 stores nationwide, has been grappling with financial difficulties. The recent bankruptcy filing allows Joann to continue operations while working out a plan to repay its creditors. This move is seen as a strategic step to decrease debt and maintain liquidity. The retail industry has been witnessing a trend of store closures, with brands like Bed Bath & Beyond and Macy’s also shutting down select stores. Joann’s decision to file for bankruptcy is reflective of the challenging environment for retailers. Despite the financial hurdles, Joann’s loyal customer base remains hopeful. The brand’s devoted following is keenly watching the developments, hoping for a quick recovery. As Joann navigates through these challenging times, one can’t help but wonder about the future of the retail business. Will other retailers follow suit? And more importantly, how will this impact the craft community that has relied on Joann for their supplies? Share your thoughts below. Read more: https://www.bloomberg.com/news/articles/2024-03-18/crafts-retailer-joann-files-bankruptcy-after-consumer-retreat https://www.the-sun.com/money/10665651/joann-bankruptcy-reports-store-closures/ https://www.dailydot.com/news/joann-fabric-bankruptcy-prediction/ Top image: Billy Blume | Dreamstime.com
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IBM, a leading multinational technology company, is reportedly making further job cuts, this time in its marketing and communications division. The news, which was initially reported by CNBC, has sparked discussions about the future of employment in the tech sector. IBM’s Chief Communications Officer, Jonathan Adashek, led a roughly seven-minute meeting to break the news to the employees. This move is seen as part of IBM’s ongoing ‘workforce rebalance’, a strategy that has been in the headlines for its rounds of voluntary layoffs. This announcement comes on the heels of IBM CEO Arvind Krishna’s statement in December about "massively upskilling all of our employees on AI". This was after IBM announced a plan to replace nearly 8,000 jobs with AI. The latest cuts are another round of downsizing in the tech industry, which has seen almost 50,000 jobs cut by some 204 tech companies so far this year. The implications of these job cuts extend beyond IBM. They raise questions about the broader tech industry’s employment trends and the increasing role of artificial intelligence in the workplace. As IBM continues to navigate its path in the tech world, one can’t help but wonder what the future holds for its employees and the industry at large. What are your thoughts on IBM’s decision to cut jobs in its marketing and communications division? How do you see this impacting the tech industry’s employment landscape in the long run? Read more: https://www.cnbc.com/2024/03/12/ibm-tells-employees-of-job-cuts-in-marketing-and-communications.html https://www.theregister.com/2024/03/12/ibm_reportedly_laying_off_staff https://www.investing.com/news/stock-market-news/ibm-set-to-slash-jobs-in-marketing-communications-unit-cnbc-3334802 Top image: Julius Kielaitis | Dreamstime.com
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The Body Shop, a pioneer in the cosmetics industry, has announced the closure of all its US operations. The UK-based company, known for its ethical hair and skin products, has filed for bankruptcy. This move marks a significant shift in the retail landscape, as The Body Shop has been a beloved brand for nearly half a century. The Body Shop was founded by human rights activist Anita Roddick and was one of the first cosmetic companies to prohibit animal testing on products. The company’s commitment to sustainability and ethical practices had earned it a loyal customer base. However, the recent economic downturn and high inflation have severely impacted the company’s performance. In addition to its US operations, The Body Shop has also announced the closure of 33 of its 105 Canadian stores. Online sales in Canada have also been halted as part of the bankruptcy filing. This decision has sent shockwaves through the industry, as The Body Shop was once considered a trailblazer in the field of ethical and sustainable cosmetics. The closure of The Body Shop’s US and Canadian operations is a stark reminder of the volatile nature of the retail industry. It raises questions about the future of brick-and-mortar stores in an increasingly digital world. As consumers continue to shift towards online shopping, traditional retailers are grappling with new challenges. As we bid farewell to The Body Shop’s physical stores, we can’t help but wonder: What does this mean for other retailers? How will this impact the cosmetics industry as a whole? We invite you to share your thoughts on this development. Do you think this could be the beginning of the end for traditional retail stores? Or is it just a temporary setback? Read more: https://edition.cnn.com/2024/03/10/business/the-body-shop-shuts-down/index.html https://www.express.co.uk/life-style/life/1828348/the-body-shop-store-closures-full-list https://www.business-standard.com/world-news/the-body-shop-ends-us-operations-to-close-canadian-stores-amid-bankruptcy-124031100659_1.html Top image: Body Shop © J P | Dreamstime.com
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Deviation Games, a studio backed by PlayStation and formed by former Call of Duty developers, has announced its closure. The studio, which was established in 2020, unfortunately, did not release a single game before shutting down. Deviation Games was the brainchild of Call of Duty’s Zombies mode creator Jason Blundell and Treyarch veteran Dave Anthony. The studio was revealed in June 2021 and was working on a new AAA IP. Despite the financial backing from PlayStation, which promised "financial security for years and years", the studio was unable to ship its first game. The closure of Deviation Games was announced on LinkedIn by the studio’s Chief HR & Operations Officer, Kriste Stull. In her announcement, she expressed her deepest gratitude to the entire team for their hard work, dedication, and contributions to Deviation. She also mentioned that the studio would be hosting a networking event to help those impacted by the studio’s closure. This incident adds to the growing list of layoffs and studio closures in the gaming industry in recent months, which includes from Sony Playstation itself. The sudden closure of Deviation Games raises several questions about the stability and sustainability of game development studios, even those with significant financial backing. What are your thoughts on this? Do you think there are underlying issues in the gaming industry that need to be addressed? Share your views in the comments below. Read more: https://www.ign.com/articles/deviation-games-is-shut-down-before-it-can-ship-a-game-in-its-partnership-with-playstation https://www.thegamer.com/deviation-games-shuts-down-playstation-layoffs-call-of-duty-studio/ https://www.gamesindustry.biz/playstation-backed-deviation-games-closes Top image: Playstation
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Facebook’s parent company, Meta, announced a round of layoffs affecting its popular direct messaging app, Facebook Messenger. The decision impacted fewer than 50 employees and was part of a broader reorganization of Messenger and its operations. This move comes on the heels of Meta’s announcement to lay off more than 11,000 employees, reducing the company’s workforce by about 13%. The layoffs at Facebook Messenger have raised questions about the platform’s future and the implications for its vast user base. Critics have voiced concerns about the potential impact on the platform’s user experience and the overall quality of service. What are your thoughts on these developments? How do you think the layoffs at Facebook Messenger will impact the platform’s user experience? Would the app soon be fused into its other siblings, WhatsApp or Instagram? We invite you to share your views in the comments below. Read more: https://www.businessinsider.com/meta-facebook-messenger-hit-with-layoffs-2024-3 Top image: Primakov / Shutterstock.com
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Image: Wieden + Kennedy The recent layoffs at Wieden+Kennedy, a renowned advertising agency, have sent ripples through the industry. The company announced a significant reduction in its workforce, specifically at its headquarters in Portland. This event has sparked discussions about the future of the advertising industry and the implications for other firms in the sector. Wieden+Kennedy, known for its creative campaigns for major clients like Nike, laid off 90 employees, which constitutes 20% of its Portland staff. This decision was reportedly made to better align with client work4. Jason White, the president of W+K Portland, acknowledged the gravity of the situation, stating, "Layoffs are terrible. There’s no way to sugarcoat it". The layoffs come amidst a broader trend of job cuts in the advertising industry. However, a spokesperson for Wieden+Kennedy clarified that their layoffs were part of a restructuring process and not due to the loss of a specific client. They also stated that these layoffs were not connected to the ongoing layoffs at Nike. Despite these assurances, the layoffs have raised questions about the stability of jobs in the advertising industry. The size of ad agencies has traditionally been tied to their clientele. However, the recent layoffs signal a more fundamental shift in the industry. The agency also lost a couple of accounts, such as TurboTax in Portland and Duracell in New York. These factors may have contributed to the decision to reduce the workforce. The layoffs at Wieden+Kennedy serve as a stark reminder of the volatility of the advertising industry. As companies continue to navigate the rapidly changing business landscape, the need for adaptability and resilience becomes increasingly apparent. In conclusion, the Wieden+Kennedy layoffs represent a significant shift in the advertising industry. While the company cites restructuring as the primary reason for the layoffs, the event raises questions about the future of the industry and the security of jobs within it. As the industry continues to evolve, companies and employees alike must adapt to survive and thrive. What are your thoughts on the recent layoffs at Wieden+Kennedy? How do you see this event impacting the future of the advertising industry? We invite you to share your views on this topic. Read more: https://adage.com/article/agency-news/wiedenkennedy-lays-20-its-portland-staff/2543976 https://news.yahoo.com/ad-agency-wieden-kennedy-cuts-220615558.html https://www.fastcompany.com/91045275/wiedenkennedys-layoffs-represent-a-big-shift-in-the-advertising-industry
