Instacart will lay off 250 employees
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san francisco (Uttam Hindu News): US-based grocery delivery company Instacart has announced the layoff of about 7 percent of its global workforce, or 250 employees, as part of a restructuring plan.
The announcement came as the company reported fourth-quarter earnings that nearly met expectations.
“The restructuring plan includes the reduction of approximately 250 employees, representing approximately 7 percent of the company’s global workforce, by January 31, 2024, with the majority of these cuts effective March 31,” Instacart said in a filing with the US Securities and Exchange Commission (SEC). , is expected to happen by 2024.”
The Company estimates that it will incur approximately $19 to $24 million in non-recurring charges in connection with the Restructuring Plan, primarily related to employee transition and severance payments and cash expenditures for employee benefits.
According to Instacart, the layoffs are aimed at creating management and an organizational structure, as well as focusing teams on key projects such as advertising efforts on Roku, Google Ads and others.
Chief Operating Officer (COO) Asha Sharma also informed the company to resign from her post with effect from March 1, 2024. The company has no plans to appoint a new COO at this time.
According to its website, Instacart shoppers and drivers deliver groceries from more than 85,000 supermarkets and other retailers in more than 5,500 cities. Business increased during the COVID-19 outbreak as people avoided going to public places.
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