Clorox Co. announces second round of layoffs to reduce costs and boost sales growth, cutting 200 non-production jobs
Layoffs
April 21, 2023
Clorox Co., the company behind several household brands, including Glad trash bags and Hidden Valley Ranch dressing, has announced a second round of layoffs aimed at reducing costs and boosting sales growth. The company cut 4% of its non-production workforce, totaling 200 positions, in a reorganization effort to launch products more swiftly and adapt to consumer preferences faster.
In a blog post by Chief Executive Officer Linda Rendle, the company explained that some employees were reassigned to other parts of the business, and some open positions were closed to reduce the number of people affected. Clorox is looking to restore margins to pre-Covid levels after demand for its cleaning products slumped as the pandemic receded. The company also faced challenges from record-high commodity and logistics costs, leading to several price hikes to offset the increase.
The owner of Fresh Step cat litter faced similar challenges last year when it cut about 100 employees, or 2% of its non-production ranks. The company also removed layers of management across several groups, including consumer insights and research. Clorox's latest round of layoffs aims to help the company restore margins to pre-pandemic levels while boosting sales growth.
Clorox's reorganization efforts will also allow the company to launch products more swiftly and adapt to changing consumer preferences faster. As the pandemic has shifted consumer behaviors and preferences, companies have had to adjust their strategies accordingly to remain competitive. Clorox's latest layoffs show the company's commitment to adapting to these changes and staying ahead in the market.
Members of LevelFields received the alert of this event on April 20, 7:55 PM ET
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions,and let LevelFields help you become a better trader.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.