Wed, Aug 14, 6:51 PM (153 days ago)
On August 14, 2024, Sonos, Inc. announced a reduction in force, impacting approximately 6% of its workforce, as part of a strategy to enhance its operating model and cost structure for long-term success. The company expects to incur restructuring charges between $9 million and $12 million, with $6 million to $8 million allocated for employee severance and benefits. These costs are anticipated to be recorded in the fourth quarter of fiscal 2024. Additionally, Sonos plans to reduce its real estate footprint. The restructuring efforts are subject to local laws and may result in actual costs differing from estimates. The announcement is part of Sonos's broader strategy to adapt to market conditions and improve financial stability. Forward-looking statements regarding the restructuring carry inherent risks and uncertainties, as detailed in Sonos's SEC filings.