The Sonos engineering workplace in Seattle. (Sonos Picture)Speaker-maker Sonos, which has a big presence in downtown Seattle, introduced Tuesday that it’s slicing 12 p.c of its international workforce attributable to uncertainty and challenges stemming from the COVID-19 pandemic.
In a Securities and Change Fee submitting, the Santa Barbara, Calif.-based firm mentioned it additionally plans to shut its New York Metropolis retail retailer and 6 satellite tv for pc places of work.
When reached by GeekWire, Sonos wouldn’t elaborate on whether or not the cuts would have an effect on its Seattle workplace, the place product and software program growth takes place. The corporate, which first arrived in Seattle in 2015, moved to a brand new house within the Bank of America Fifth Avenue Plaza final yr, and mentioned throughout an October workplace tour that it had made room for 163 workers. It was the quickest rising workplace anyplace for the corporate.
Sonos says in its investor relations FAQ that it has greater than 1,450 full time workers.
RELATED: Try GeekWire’s listing of Seattle-Space Engineering Facilities established by out-of-town firms.In an announcement attributed to CEO Patrick Spence, Sonos, which went public in 2018, mentioned it took motion when the well being disaster hit to scale back working bills and protect liquidity.
“The pandemic and resulting economic impacts have caused us to have to make some hard choices,” the assertion learn. “These changes are necessary in order for us to emerge from this period ready to take advantage of opportunities we see in the future.”
Spence thanked those that will likely be impacted “for their contributions and the passion they brought to work each day.”
Within the SEC submitting, Sonos mentioned the terminations and web site closures will value the corporate roughly $25 to $30 million in restructuring and associated fees. A 20 p.c discount within the base wage of the CEO and different executives was additionally introduced.