J. M. Smucker (NYSE:SJM) layoffs are a hot topic on Friday after the food company announced plans to cut a small number of jobs.
The J. M. Smucker layoffs will result in 24 employees at the food manufacturing company losing their jobs. The company says that these layoffs are part of a small restructuring.
To put that number in perspective, J. M. Smucker currently employs roughly 6,000 people. The small number of jobs cut has to do with an organizational evaluation to bring related functions to enhance efficiency.
Frank Cirillo, senior manager of corporate communications at J. M. Smucker, said the following about the job cuts:
“Please know that any decision that impacts our employees is made only after careful consideration. Those employees who will be exiting the Company will be fully supported as they transition.”
J. M. Smucker Layoffs Add to Growing Trend
J. M. Smucker joins an increasing number of companies that have been announcing layoffs recently. Many of them are doing so to reduce costs and streamline their operations.
This comes as the economy is still suffering from increasing inflation and high interest rates. These two factors are weighing on both companies and consumers.
SJM stock is up 1.9% on Friday. The stock is down 12.9% since the start of the year.
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On the date of publication, William White did not have (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.
