By Paul Ziobro
IRobot is cutting 105 jobs, or about 16% of its workforce, the second round of layoffs this year as the smart-vacuum company looks to trim costs.
The Bedford, Mass., company said Tuesday it plans to record about $5.3 million in charges related to severance packages and benefits as a result of the layoffs, with the majority of the charges anticipated in the fourth quarter.
The company earlier this year eliminated about 350 jobs, representing around 31% of its workers, after terminating a $1.7 billion sale to Amazon.com. The deal fell apart due to regulatory pushback, particularly in the European Union, where authorities were worried the deal could restrict competition in the market for robot vacuum cleaners.
IRobot shares closed Tuesday at $10.41, up 11%, although the stock is still down 73% this year.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
November 05, 2024 16:23 ET (21:23 GMT)
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