Company layoffs thread 2020/coronavirus recession layoffs

[ring_master]

1 minute ago, desiboys said:

Andaru man. Business lekunda IT enduku untadi ?

Okay okay but malli if theatres open in a month or so andarini hire chesokvadam pedda talakaayi nopi kada if they fire now

[desiboys]

1 minute ago, ring_master said:

Okay okay but malli if theatres open in a month or so andarini hire chesokvadam pedda talakaayi nopi kada if they fire now

Movie theaters are dead businesses man. Cinemark will follow AMC route soon.

[snoww]

8 hours ago, ring_master said:

Okay okay but malli if theatres open in a month or so andarini hire chesokvadam pedda talakaayi nopi kada if they fire now

Not many will risk going th theaters for months even after reopen. Future looks bad for them. 

[snoww]

It’s already been another brutal week for startups.

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Opendoor, Carta, and VSCO all slashed their staffs this week.

Opendoor’s layoffs were the largest by percentage and the number of people let go. The home-buying startup cut 35 percent of its staff, the company confirmed to Crunchbase News. The layoffs, totaling about 600 people, were first reported by The Information.

With real estate being hit hard by the COVID-19 pandemic, Opendoor’s struggles make sense. The company paused home purchases last month, which cut the selling fees that are Opendoor’s primary source of revenue, according to The Information.

“COVID -19 has had an unforeseen impact on public health, the US economy, and housing. Given the shelter-in-place guidelines, we’ve seen declines in the number of people buying, selling, and moving during this time of uncertainty,” CEO Eric Wu said in a statement to Crunchbase News. “In response, we’ve announced to the company that we’ve made the difficult decision to reduce our team by 35 percent. This was necessary to ensure that we can continue to deliver on our mission and build the experience consumers deserve.”

Carta let go of 161 people, according to a memo sent by CEO Henry Ward and published on Medium. The layoffs, which were first reported by Bloomberg, account for about 16 percent of the company’s workforce.

Carta, which is backed by investors including Andreessen Horowitz and Menlo Ventures, helps companies and employees manage equity. And when startups struggle, it impacts Carta.

“We exist only because our customers exist and allow us to serve them,” Ward wrote in the memo. “And when our customers suffer we suffer too.”

VSCO, the popular photo sharing app based in Oakland, let go of 45 employees, according to a LinkedIn post by CEO Joel Flory.

“2020 was staged to be a year where we would continue to forward invest into our business,” Flory wrote. “Overnight our environment changed. We realized that we would need to shift towards running a self-sustaining business.”

These layoffs follow weeks of others at high-valued, big-name startups. Toast, Away, and Branch were among the startups who had layoffs last week, and other high-profile companies like Bird, ZipRecruiter, and Compass have slashed staff.

[Android_Halwa]

Just now, snoww said:

Not many will risk going th theaters for months even after reopen. Future looks bad for them. 

Even after things become normal, I don't think people will go to cinemas to watch movies. ie 2-3 months TV lo chudadaniki baaga alavatu padivuntaru..

Yeah, this seems to be business vertical change moment for entertainment industry...

[snoww]

9 hours ago, desiboys said:

Cinemark lo 16k furloughed and laid off.

Cinemark, the third-largest movie theater chain in the US, has laid off half of its corporate staff and furloughed 17,500 hourly workers due to coronavirus pandemic restrictions.

Cinemark said the 50 percent of workers who have been furloughed at its Plano, Texas, headquarters will continue to receive 20 percent of their salary as well as full benefits. The employees who remain have seen their salaries slashed by half.

The cuts were revealed in an SEC filing Tuesday, and followed a $250 million debt offering by parent company Cinemark Holdings a day earlier. In order to shore up cash, the chain said it will suspend its dividend payment, which runs about $42 million per quarter.

[snoww]

Weatherford Weatherford International, a Houston-based oil field services company, announced deep cuts and the intention to delist from the stock exchange today.

Among the actions announced are a "headcount reduction" of a quarter of its American employees, and furloughs and pay reductions for the remaining American employees.

According to a post on the company's website, "the impact of the COVID-19 pandemic and recent actions by certain producing nations have had an unprecedented disruption on the supply/demand equation for oil, resulting in a precipitous decline in commodity prices and substantial reductions to the capital spending plans of exploration and production companies."

Weatherford's response includes:

• Temporary pay reductions of 20% for management and to the Board of Directors' annual cash retainer;
• Total headcount reductions across North American operations and the global support structure of 38% and 25%, respectively;
• Furloughs and pay reductions for remaining employees in the United States and selected international locations;
• Reducing planned capital expenditures by approximately 50% in 2020 versus 2019 levels; and
• Further consolidating geographic and product line structures to better align with market conditions.

As of December 31, the company had 24,000 employees worldwide.

[snoww]

given the weak forecast for ongoing FY, TCS decided not to offer annual hike in this year. So, it certainly is a disappointing year with 0% hike in salary for all the TCS employees. Having said that, CEO Rajesh Gopinathan mentioned job offers made to all freshers and laterals will be honoured. Around 40,000 freshers are likely to get onboarded in the next few months to come.

The top IT firm is facing a decent attrition rate of 12.1%. "The Corona pandemic has reversed positive momentum that we had started seeing in some of our biggest verticals in the first half of quarter. On the positive side, we had very strong deal closures during the quarter and our order book this quarter is the largest ever," said CEO Rajesh.

[snoww]

Covid-hit global software major Infosys has halted hiring, hikes and promotions, an official said on Monday.

"We have stopped hiring temporarily, frozen salary hikes (and) have also temporarily suspended all promotions. These, we believe, are no regret moves," said Infosys Chief Financial Officer Nilanjan Roy at the announcement of the company's Q4 and FY2019-20 results.

[snoww]

Online lender LendingClub Corp (LC.N) said on Tuesday it would lay off 460 employees, including President Steven Allocca, as part of a restructuring plan to slash costs amid the economic fallout of COVID-19 pandemic.

The layoffs represent roughly a third of the company’s total workforce of 1,538 people as of Dec. 31.

"COVID-19 is having an unprecedented effect on consumers, small businesses and the broader economy, including the credit markets, and has resulted in a current reduction in platform investor demand for personal loans," the company said in a regulatory filing.

LendingClub said it expects to incur termination costs of about $10 million in the rest of the year.

The company also announced temporary salary reductions for its top executives. Chief Executive Officer Scott Sanborn will take a 30% cut to his base salary, while others will take a 25% reduction.

[MiryalgudaMaruthiRao]

Zume padinda?

[MiryalgudaMaruthiRao]

second round of lay offs ayyyanata

[supportamaravathi]

🤕

[Jilchika]

This is just the beginning baa. Big companies due to the WARN act will be waiting for the 60 day period to expire and then FTE layoff will start. Coolies already gone or not being renewed unless required for critical work.

[desiboys]

Groupon 

https://layoffs.fyi/2020/04/17/groupon-laid-off-or-furloughed-2800-employees/