It’s Not Just Take Big Tech Taking a Beating, Layoffs Hit Manufacturing Company 3M — Retail Bum

American manufacturing company 3M has revealed it would cut 2,500 jobs related to the sale of several products, including notebooks, air purifiers, and respirators.

The layoffs come on the heels of a slowdown in demand and a decrease in profits. In December 2022, the demand for 3M’s consumer-facing unit fell faster, resulting from decreased customer spending during the holiday season.

The company’s shares dropped 4.7% in premarket trading after the company revealed its results and flagged inflation’s impact on its business.

“Three weeks into January, we are seeing continued slowing in organic sales volume as we start the year,” said Monish Patolawala, 3M’s chief financial officer.

3M expects its sales growth to decrease between 6% to 2% in the current year due to declining demand for disposable respirators and its exit from the Russian market.

According to CEO Mike Roman, the company expects the macroeconomic challenges to persist in 2023.

The news follows a series of layoffs at major companies, the latest being at Salesforce, Amazon, Google, Wayfair, Microsoft, and Spotify.

Photo credit: 3M

Originally published at https://retailbum.com on January 26, 2023.