Intel has sold its stake in Arm Holdings, a British chip firm, as part of its ongoing restructuring efforts. The sale, estimated at $146.7 million, comes amid a series of strategic moves to revitalize the company. These include workforce reductions, dividend suspension, and a shift towards AI chips.
Paramount Global is undergoing significant restructuring, including layoffs affecting approximately 2,000 U.S.-based employees. The company aims to streamline its operations and enhance profitability, focusing on its streaming platform. While Paramount’s revenue has shown growth in recent years, its stock performance has lagged behind the market and its sector.
Pharmacy chain Boots is closing hundreds of stores across the UK as part of a cost-saving measure. The closures are part of a broader restructuring plan aimed at saving £618 million. While some stores have already closed, others are expected to shut down after the summer.
Intel has announced a major restructuring, including 15,000 job cuts, as it seeks to realign its business strategy in the face of declining financial performance and rising competition. The company is aiming to save $10 billion by 2025 and is focusing on long-term growth in the AI and chip fabrication markets.
Mesa Air Group announced strong second-quarter fiscal 2024 results, driven by a restructuring effort that improved operations and profitability. The company achieved its first GAAP and adjusted net profits in 11 quarters, along with a significant reduction in debt. Mesa attributes these positive developments to its transition toward higher-margin Embraer E-175 aircraft and a strengthened pilot pipeline.
Microsoft’s Xbox division is undergoing significant restructuring, leading to the closure of several gaming studios, including Arkane Austin, Tango Gameworks, and Alpha Dog. This move is part of a broader effort to streamline operations, reallocate resources, and focus on innovation. Despite the layoffs, the Xbox content and services segment recently reported a 62% revenue surge.
Peloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff, approximately 400 employees. McCarthy, a former Spotify and Netflix executive, joined Peloton in February 2022 and has spent the last two years restructuring the business. During his tenure, he implemented mass layoffs, closed showrooms, and focused on growing the company’s app membership. Despite these efforts, Peloton has struggled to achieve sustained growth and profitability. The company has not reported a net profit since December 2020 and has over $1 billion in debt. In a letter to staff, McCarthy said the layoffs were necessary to achieve sustainable free cash flow. The company also announced a broad restructuring plan, including cost cuts of more than $200 million by the end of fiscal 2025. Karen Boone, Peloton’s chairperson, and director Chris Bruzzo will serve as interim co-CEOs while the company searches for a permanent CEO.
Healthify, a leading health and fitness app, has announced layoffs of 150 employees as part of a restructuring exercise aimed at improving profitability and expanding its presence in the US market. According to Healthify CEO Tushar Vashist, the company’s India business is expected to become EBITDA profitable within the next three to four months, and the restructuring is a necessary step towards achieving this goal. Healthify has offered comprehensive severance packages, extended insurance coverage, and job placement assistance to the affected employees.
HealthifyMe, a popular health technology brand known for its glucose monitoring unit, has laid off 150 employees in a restructuring exercise. The sales and product teams were primarily affected in this latest round of layoffs. Company CEO Tushar Vashist confirmed the layoffs, explaining that the move was necessary to enhance profitability in India and expand the company’s presence in the US market. HealthifyMe assured comprehensive support for impacted employees, including severance packages, extended insurance coverage, and job placement assistance.
As part of its ongoing restructuring, the pharmaceutical chain Rite Aid has announced plans to close an additional 16 stores, including four in Pennsylvania. The affected stores are located in Schuylkill, Philadelphia, Wayne, and Lehigh counties. The closures are part of a larger effort by Rite Aid to reduce its operating costs and debt burden. The company previously filed for Chapter 11 bankruptcy protection in October 2023 and has since announced the closure of over 400 stores.
