ACON - iRobot Layoffs 2024: What to Know About the Latest IRBT Job Cuts
2024-01-29 10:23:50 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
iRobot (NASDAQ: IRBT ) layoffs are coming for the Roomba company’s employees after its plans to be acquired by Amazon (NASDAQ: AMZN ) fell apart.
With the Amazon deal no longer moving forward, iRobot has revealed that it is laying off roughly 31% of its workers . That means about 350 employees are losing their jobs.
To go along with these layoffs, iRobot has announced that chairman and CEO Colin Angle is stepping down from the company. Now the company plans to focus on improving margins, reducing research and development spending and pausing work on all robots outside of its floor cleaning business.
Details Behind the iRobot Layoffs
Amazon was originally seeking to acquire iRobot in a deal valued at $1.7 billion. Unfortunately for the company’s employees, that plan came to an end when European Union ( EU ) regulators blocked the deal. As a result, Amazon will pay a $94 million termination fee to iRobot.
News of the layoffs has rocked iRobot shares today. That has the stock falling 10.5% as of Monday morning with some 8.4 million shares trading hands. For the record, the company’s daily average trading volume is closer to 1.6 million shares.
Investors who are on the lookout for even more of the most recent stock market stories are going to want to stick around!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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