rei layoffs, 167 at the headquarters, know the reason
Washington: REI the Outdoor company has announced a layoff of more than 100 employees. The company cites “increased uncertainty” as the reason when announcing the layoffs.
However, many other profit-making companies like Amazon, Flipkart, Tesla, and Swiggy reduced their headcount citing the same reason, which we already updated you about big layoffs!
Now don’t be put off by REI news because too many big layoffs are distracting know what the REI said!
On Tuesday, Eric Artz the CEO and the President of the company said that 167 employees lost their jobs, after receiving letters.
They also said that this layoff reduced 1% of the headcounts of the company and the impact was seen in over 8% of the employees of the organization.
In 2020 the REI went remote working and has offices in Issaquah, Seattle, and Sumner.
Artz wrote, “We have clear goals for the future of the cooperative and are confident in our long-term strategies.” He also added that the increasing rate of uncertainty in the market is forcing us to focus on our goals first.
The uncertain market required sustaining organizational change, and we had the only option to save costs by cutting the workforce as stated by the CEO in his statements.
However, CEO Artz said that REI does not have any layoff plans shortly.
After receiving the letter on Tuesday, the employees who are going to face this retrenchment will get a severance package from the company.
REI reported $3.7 billion in revenue, up 36% from a year earlier, and $97.7 million in net income in the financial year of 2021.