Tyson Foods Plans Job Cuts, Illinois and South Dakota Workers Impacted in Corporate Downsizing

Tyson Foods Inc TSN shared plans to slash about 10% of corporate jobs and 15% of senior leadership positions in April.

The company had missed the Q2 street expectations and reduced its FY23 Outlook. 

To save costs, the company plans to let go of 228 corporate workers in Illinois who refused to transfer to the meatpacker's headquarters in Arkansas, Reuters reported citing Tyson's spokesperson.

Tyson would start laying off 51 workers in the Illinois suburb of Downers Grove and 177 workers from a downtown Chicago office on July 31, the report stated.

Tyson stated that the 228 being laid off remain with the company until the Chicago and Downers Grove offices close. "Those impacted were due to the consolidation of corporate offices," the company said.

Tyson will lay off about 490 corporate personnel, out of around 1,000 employees who choose not to relocate, including layoffs at another office in Dakota Dunes, South Dakota.

Price Action: TSN shares are trading higher by 0.78% At $50.66 premarket on Wednesday.