NYTIMES (James Paton) - Volkswagen Plans to Cut 50,000 Jobs
Facing growing competition from China and rapidly advancing technology, the German auto giant said Thursday its board had approved a “comprehensive” restructuring.
NYTIMES (Keith Bradsher) - How Volkswagen’s Troubles Were Made in China
The German auto giant’s push into China powered it for decades, but now the company faces fierce competition from Chinese automakers in markets around the world.
AXIOS (Dan Primack) - Microsoft dashes game developer dreams
Microsoft for years has been an active acquirer of gaming companies, including small independent ones. But that may be changing. Driving the news: The tech giant on Monday announced a giant restructuring of its Xbox unit, including thousands of job cuts and the divestiture of five gaming studios. - Two of the studios (Ninja Theory and Undead Labs) have undisclosed buyers, while two others (Double Fine and Compulsion Games) will be spun out to their founders. - A process to divest the fifth studio, France's Arkane, is just beginning. What they're saying: "Our business today is not healthy ... We must reset Xbox," group CEO Asha Sharma wrote in a memo. "We have also learned that we are not the best home for every type of studio: In a…
Microsoft for years has been an active acquirer of gaming companies, including small independent ones. But that may be changing. Driving the news: The tech giant on Monday announced a giant restructuring of its Xbox unit, including thousands of job cuts and the divestiture of five gaming studios. - Two of the studios (Ninja Theory and Undead Labs) have undisclosed buyers, while two others (Double Fine and Compulsion Games) will be spun out to their founders. - A process to divest the fifth studio, France's Arkane, is just beginning. What they're saying: "Our business today is not healthy ... We must reset Xbox," group CEO Asha Sharma wrote in a memo. "We have also learned that we are not the best home for every type of studio: In a…Open
ABCNEWS - WATCH: Saks exits bankruptcy with $500M financing and luxury-focused pivot
ABC News' Michelle Franzen and retail analyst Hitha Herzog break down Saks Global's restructuring, including store closures, workforce cuts and a strategic shift toward luxury retail and service.
NYTIMES (Mike Isaac) - Meta to Cut 10 Percent of Work Force
The layoffs affect about 8,000 employees, with Meta also planning to close 6,000 open roles, as the company focuses on artificial intelligence.
ABCNEWS - Saks Global to shutter 15 more department stores in bankruptcy restructuring
The parent company of Saks Fifth Avenue and Neiman Marcus is closing more of its department stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring
NYTIMES (Karen Weise) - Amazon to Cut 16,000 Jobs in Latest Round of Layoffs
The e-commerce giant has been cutting costs in part to redirect money into building data centers to compete in the race to dominate artificial intelligence.