Connected audio firm Sonos is the latest company to announced plans for layoffs as a result of the Covid-19 pandemic.
“The Company initiated a plan on June 23, 2020 to eliminate approximately 12% of its global headcount. In addition, the Company is closing its New York retail store and six satellite offices,” revealed Sonos in a regulatory filing yesterday.
The last time Sonos revealed a headcount figure, for the end of September 2019, it had 1,446 full-time employees, so the layoffs are likely to be at least 173 staff.
Sonos CEO Patrick Spence is also taking a 20% cut in his base salary (which was $550k last year) for the second half of 2020, with fellow executives at Sonos taking a 20% cut for the third quarter of this year.