AM I NEXT? NO LOVE AT LUMINAR TECHNOLOGIES

Palo Alto, California-based Luminar Technologies, a developer of vision-based lidar and machine perception technologies, primarily for atonomous self-driving cars, has announced a restructuring that will focus on an "asset light" business model that retains R&D activities while outsourcing manufacturing to third-party companies.

The restructuring will impact 20% of the company's workforce, approximately 147 employees.

CEO Austin Russell notes, “We stand at the crossroads of two realities: the core of our business has never been stronger across technology, product, industrialization, and commercialization; yet at the same time, the capital markets perception of our company has never been more challenging.

Now that we’ve made the necessary billion-dollar R&D investments from the chip level up and successfully launched with [the] start of production as a standardized technology, the business model and cost structure that enabled us to achieve this leadership position no longer fit the needs of the company.

Many of these team members have been on our journey with us for years, which is why this is so difficult. We have also made the decision to roll off the majority of our contractors who supported us at the start of production. We have informed the affected employees regarding the roles that are no longer required at this juncture. These kinds of decisions are never easy, and we’re taking steps to provide significant support for our exiting employees. We know these are the necessary steps to best position Luminar and maximize success throughout the decade.”

The company will rely on Taiwanese electronics manufacturer TPK for “substantial dedicated industrialization resources.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT TOAST

Boston, Massachusetts-based Toast, a cloud-based restaurant management software company providing an all-in-one point-of-sale system built on the Android operating system, has announced a restructuring intended to lower operating costs and a ten percent reduction in its workforce amid slowing demand for Toast’s tools for mobile ordering and payments.

The reduction in force will impact 550 employees.

Co-founder and CEO Aman Narang noted, "Our decisive actions to streamline operations and focus on core growth areas are reflected in our strong financial performance and the positive response from the market. We are committed to executing our restructuring plan efficiently to position Toast for long-term success."

According to an SEC filing, "On February 13, 2024, Toast’s Board of Directors approved a restructuring plan designed to promote overall operating expense efficiency, including a reduction in force that is expected to impact approximately 550 employees, as well as certain other actions to reorganize the Company’s facilities and operations. The Company expects to complete the Plan by the end of fiscal year 2024. As part of this Plan, the Company expects to incur restructuring and restructuring-related charges of approximately $45 to $55 million, primarily related to severance and severance-related costs and certain other costs related to facilities. Substantially all of these charges are expected to be incurred in the first quarter of fiscal year 2024.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT TURCK

Plymouth, Minnesota-based Turck, a subsidiary of the German manufacturer specializing in components used in industrial automation and controls, has announced a reduction in force.

The reduction will impact 134 employees at the company's Plymouth, Minnesota manufacturing facility. Layoffs are scheduled for January 6, 2023.

According to a spokesperson, "We informed our employees of a reduction in our workforce due to our ongoing efforts to maintain our competitive position within our markets. The workforce elimination focuses on production and support services employees, including those in engineering, as Turck’s production of connectivity components, like cables and wiring consolidation parts, will be relocated to its facilities in Mexico."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?