sounds like about 100-120 total... heard around 40 from the design side... lot of Admins - you know the people who actually do the work here... what is it going to take to start getting rid of the people who are leading this company to its destruction??? This place was a powerhouse once upon a time, it is very depressing to see how it is now... Ruth and Elliot would be so sad. NO CREATIVITY anymore, just greedy corporate id--ts... imho...
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overall close to 2.5k axed globally
Insights and Strategy hit hard. Head of Global Insights and Global Strategy (DS) did not take the time to know the people in her new Strategy group and cut some extraordinary talent. That’s on her.
@1erb I think that's unlikely. However, I smell a private equity 1000% deal. Improve the cash flow (drop payroll) and sell out.
The private equity rolls in, cuts even more and milks the existing low COGS cash flow (e.g., licensing)...
I have no insider info, just my gut...
I thought it would be a different company, but I’m starting to believe they’re going to sell to Disney again.
folks, you can refer to a post bu it's ID (which will be the last three characters in the footer of the post)...
the first post in this thread (listed at the bottom of this page) is @wsc
the one above it is @ddj
the whole thread can be refered to as @UjS7eEt
btw, my wife is in research and she got the axe yesterday. they cut the group in half, about 20 got laid off.
Hey. I’m not saying who’s better than who. I work on of NYC right now. I know how good the people are here. What I mean is this s---s for everyone and stirring up stuff about who’s better than who at this time isn’t helping the problem.
Also, there’s only like 15 people going to ES. I hardly doubt they’re going to change how everything runs out there.
The sad thing about the layoffs is that it will be in vain. The company continues to operate without a true vision. This lack of conviction and clarity of purpose is its doom and it will never recover. The mentality is always live to fight another season. Well if you have a consecutive set of seasons where you are consistently losing you don’t fire your players. You need to change head coaches and have a new strategy. You can’t keep hoping that somehow doing the same thing over and over will change the results.
So many talented and dedicated people let go today. Not such a big surprise at the downsizing, but rather more of the immediacy of it all.
And yet the question, “how is it that RD remains?” Anyone?
Summer of wonder in action...more to come with earnings. Interns, have fun at the survivors picnic.
All this and yet for the time being RD remains.
they don't have a choice but to make drastic cuts. There's no cash left. This is all about living to fight another day, no matter what the cost is.
earnings will be released after market close, 4pm east coast time.
@UjS7eEt-1mhe We are witnessing the death throes of a once mighty corporation.
Someone please tell me this is over...more tomorrow? Thursday? Where?!
How deep can they cut before they risk inflicting a mortal wound to an already weak organisation?
5pm Wednesday - assuming west coast time zone
Are earnings out yet? They have to cut bc there is not enough money- you all should leave if you need an income- writing is on the wall and you’ll be happier elsewhere.
Total blood bath today...When you think it's already bare bones enough...they hit you with more layoffs. And then they expect you to get passionate and come up with some amazing toy that'll save this sh-- show???
with the amount of debt on the books, it would be a miracle to broker a sale at this point. If Ynon can pull that off, it would be a truly impressive feat.
HOw do you lay off half of research? And so many designers at once? This does sound like trying to prep for sale. S---s for people laid off and for those remaining who now have to do twice the amount of work.
not anymore apparently. sounds like CP and Consumer Insights got wiped out today.
We still have a cp business?
Lots of folks in CP. And all of publishing except for one person.
Oh my god. That’s awful.
That’s terrible... I’m so sorry to hear it. What the hell are they planning? I can only guess they’re looking for a quick sale. We were already so tight on essential resources.
18 of 37 in research!
In the Tower. But I don't know about the htc.
Are you kidding?? 100-120 people at HTC??
I just heard some rumblings but I don't know what went down, or who. Some people who are staying are not happy.