Sonos Plans To Cut 7% Workforce & Further Reduce Real Estate Footprint

Audio products manufacturer Sonos Inc SONO is slashing its workforce involving about 7% of its employees.

The company noted decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries.

Sonos also said it is committed to further reducing its real estate footprint and re-evaluating certain program spend.

Also Read: Sonos Expands Into Commercial Spaces With Sonos Pro Launch

The company estimates that it will incur approximately $11 million to $14 million of restructuring and related charges, of which $9 million to $11 million 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.

Price Action: SONO shares traded lower by 1.32% at $16.08 on the last check Wednesday.