Sonos is the latest company to announce layoffs due to the COVID-19 pandemic. It plans to eliminate 12 percent of its global headcount and close its New York retail store and six satellite offices. The company outlined these plans in a filing with the Securities and Exchange Commission.
In a letter to shareholders last month, Sonos said it saw a 17 percent year-over-year decline in revenue in its second quarter. In March alone, the company’s total revenue declined 23 percent year-over-year. As a result, Sonos planned to review and reduce its operating expenses.