Photo by Becca Farsace / The Verge
According to a filing with the Securities and Exchange Commission, Sonos plans to eliminate 12 percent of its global workforce. The company says the layoffs are meant to “reduce operating expenses and preserve liquidity in the face of the [COVID-19] pandemic.” Sonos will also close its retail stores in Manhattan along with six satellite offices.
Sonos CEO Patrick Spence will be taking a 20 percent reduction in his salary from July through the end of the year, and other top executives will be giving up the 20 percent until September 30th.
“When the pandemic hit, we took immediate action to review our investments for the year and made changes to reduce operating expenses and preserve liquidity,” Spence said in a statement provided to The…