Sonos Cutting 12% of Workforce in Response to Pandemic

Sonos is eliminating 12% of its workforce, said a Wednesday SEC filing. It didn't respond to questions on which departments will be affected. It's also closing its New York retail store and six satellite offices. The store was reportedly damaged during looting in the SoHo neighborhood associated with George Floyd protests last month. CEO Patrick Spence said in a statement "the pandemic and resulting economic impacts have caused us to have to make some hard choices, including reductions to our workforce. ... These changes are necessary in order for us to emerge from this period ready to take advantage of opportunities we see in the future." The board approved a 20% cut to Spence’s base salary July 1-Dec. 31. All directors agreed to forgo their annual cash retainers for that period.