Sonos announces 7% reduction in workforce

In a regulatory filing, Sonos said, “On June 14, 2023, Sonos announced a reduction in force involving approximately 7% of our employees. Decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries. The Company also committed to further reducing its real estate footprint and re-evaluating certain program spend. The foregoing actions were committed to on June 13, 2023 and reflect the Company’s commitment to rightsize its cost base while still investing in its product roadmap to drive future growth. The Company estimates that it will incur approximately $11 to $14M of restructuring and related charges, of which $9 to $11M is related to employee severance and benefits costs. The Company expects to incur substantially all of the restructuring and related charges in the third quarter of fiscal 2023.”