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Bedford, November 7: iRobot, a US-based robotics company, has conducted another round of layoffs, reducing around 16% of its workforce. The Massachusetts-based tech company said in an SEC filing that the job cuts were initiated as a part of a restructuring program. Earlier this year, iRobot layoffs affected around 350 employees, around 31% of its total workforce.
iRobot is a Massachusetts-based robotics company popular for its Roomba robot vacuums and mops for cleaning the houses. According to a report by TechCrunch, Amazon was planning to acquire iRobot for USD 1.7 billion.
Still, the conversation ended in mutual agreement as they did not see a way to get approval from the European Union. As a result of the cancellation, iRobot received a termination fee of USD 94 million. Mozilla Layoffs: Tech Company’s Non-Profit Arm The Mozilla Foundation Laying Off 30% of Its Staff Amid Going Through ‘Relentless Onslaught of Changes’ iRobot layoffs were reportedly implemented during the company's Q3 2024 earnings call on November 6, 2024.
iRobot CEO Gary Cohen emphasised the reason for the job cuts at the robotics company. He said that the company's new operating model would require half of the internal resources and significantly increase new product introductions. Gary Cohen said iRobot made challenging moves that fundamentally changed how it worked with its partners and allowed it to build new robots efficiently.
He mentioned that the new operating model could help the company achieve one-third of the cost. Amazon 5 Days a Week Return to Office Mandate Not Part of ‘Backdoor Layoffs’ but To Strengthen Culture, Says CEO Andy Jassy During All-Hands Meeting In January 2024, iRobot reduced 31% of its workforce by letting go of 350 employees. This layoff move was announced after the company mutually terminated the billion-dollar deal.
It was also announced that iRobot founder Gary Cohen and CEO Colin Angle would step down from their roles. The termination of the acquisition deal led to a 10% fall in the shares of iRobot. Since the beginning of 2024, the US-based robotics company has reduced around 50% of its total workforce.
(The above story first appeared on LatestLY on Nov 07, 2024 12:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com ).
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