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Corporate America is sending a clear message to Wall Street: It is committed to reducing costs this year.
Executives from various industries, including toy and cosmetics manufacturers and office software vendors, have announced layoffs and other cost-cutting measures, even at companies that are profitable. Mattel, PayPal, Cisco, Nike, Estée Lauder, and Levi Strauss are among the companies that have recently implemented job cuts.
Macy’s, a department store retailer, has announced the closure of five of its department stores and the elimination of over 2,300 jobs. JetBlue Airways and Spirit Airlines have offered buyouts to their staff, while United Airlines has discontinued first-class meals on some of its shorter flights.
With consumers tightening their budgets, companies are under pressure from investors to do the same. Executives are striving to demonstrate to shareholders that they are adapting to changing consumer demand and are taking aggressive measures to reduce costs.
2024-02-18 13:52:08
Post from www.cnbc.com