Internationally 3% of their workforce are being laid off (which is just under 50 people at the Morgan Hill headquarters in the US.
The international news was reported on Bicycle Retailer.
“We are tightening up our structure and focusing on three key areas: innovation, marketing and supply chain,” said Mike Sinyard, Specialized's founder and CEO. “We are investing in new R&D space in Switzerland, Taiwan and Morgan Hill that will keep us at the forefront of cycling innovation. We are focusing on marketing that will expand the global market for our brand and help our retailers drive traffic and sales. And finally, we are investing in our supply chain to ensure we are delivering the best product at the best price to riders and our retailers. All of this is an investment in our future.
“We have made the difficult but necessary decision to reduce the number of employees and realign the organization. Our employees are, and have always been, what make this brand so special,” Sinyard added. “This decision, and the impact on our teammates, is of course very hard.”