Etsy to Cut Headcount by 15%
streetinsider.com
streetinsider.com
https://www.sec.gov/Archives/edgar/data/1370637/000137063717...
On June 16, 2017, the Board of Directors of Etsy approved additional initiatives associated with the May Plan that are designed to improve focus on key strategic growth opportunities. These initiatives include additional headcount reductions of approximately 140 positions (approximately 15% of the total current workforce) bringing total eliminated positions to approximately 230, or an approximately 22% reduction, compared to its headcount at the end of 2016. In connection with these initiatives, Etsy expects to incur additional employee severance charges and other exit costs of $6.0 million to $8.8 million, largely made up of cash expenditures, which will be recognized through the end of 2017. Etsy announced these additional initiatives on June 21, 2017.
Bloomberg says majority of positions eliminated in BK HQ.