This will see Clorox cut some 200 jobs, which represents about 4% of its workforce. The job cuts will affect non-production employees. This news comes after the company warned in February that layoffs were on the way.
The Clorox layoffs are part of the company’s efforts to cut costs due to the economy. Clorox, like many others, is predicting a slowdown that will likely have a negative effect on its business. This has it cutting costs ahead of time to stay ahead of the curb.
Will More Clorox Layoffs Be Announced?
It’s possible that more layoffs are on the way, based on recent statements made by Clorox CEO Linda Rendle in a statement obtained by Reuters:
“We’re on track to generate ongoing annual savings of approximately $75 million to $100 million, with benefits beginning this fiscal year […] Transformation isn’t a one-time event, and we’ll continue to implement changes as we execute this transformation.”
Several companies have been laying off employees lately as they prepare for a worsening economy. This comes as inflation continues to hurt consumers and companies, as well as interest rate hikes.
CLX stock is up 1.1% Friday morning following the news of the layoffs.
Investors seeking more of the most recent stock market news today will want to keep reading!
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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.