Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Snap, a visual messaging company, has announced it will reduce it's global workforce by approximately 20%. Job cuts will vary from team to team and the exact locations where restructuring will have an impact are not yet known. Snap state that their forecasts predict slower growth than anticipated over the next years. As a result the company is focusing on three priorities: community growth, revenue growth, and augmented reality. Due to the market conditions and this change in strategy, employees who do not contribute directly to the organisational strategy will be fired.
Employees in America will receive four months financial compensation. International compensation and benefit schemes have not been announced, however Snap has said they will be tailored to local norms.
Snap Inc. succesffuly completed a bid for an IPO in 2017 and includes brands such as Snapchat, Spectacles and Bitmoji.
Eurofound (2022), Snap, Internal restructuring in World, factsheet number 107848, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107848.