Speaker maker Sonos plans to cut 12% of its global workforce due to 'uncertainty and challenges stemming from the Covid-19 pandemic.' It's also closing its New York City retail store.
The Santa Barbara-based company said in a Maythat 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.
The company's stock was up more than 1% Wednesday morning. It wasn't immediately clear how many employees the company currently has, but the company'sThe filing adds that the company will provide further detail on its business and cost savings resulting from the initiatives when it reports its fiscal third-quarter 2020 results.
On Tuesday, the company's board of directors also approved a 20% reduction in base salary of the company's CEO between July 1 and December 31, and for other executive officers between July 1 and September 30 of this year. All board members will also forgo their annual cash retainer between July 1 and December 31.
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