January 16/23 11:55 am - Specialized Announces Layoffs Worldwide

Posted by Editor on 01/16/23
 

Bicycle and equipment manufacturer Specialized is the latest company to announce that the impact of the pandemic and supply constraints have forced it to lay off staff. Approximately 8% of the workforce will be laid off worldwide, including an estimated 120 in the United States. We have learned that Canada has been impacted less severely, with only two employees being let go.

Specialized issued a statement:

Over the last three years, the industry has changed at an incredible pace and shown that cycling is more powerful than ever. It's clear the time has come for transformation and shifts for the future.

This past week, Specialized made the incredibly difficult decision to say goodbye to 8% of teammates around the world. With the global economy changing faster than anticipated and rapid changes within cycling, the organization adjustment will allow the brand to be adaptive, whilst still investing in innovation.

Scott Maguire, Specialized CEO: "We are transforming the company around our purpose to Pedal the Planet Forward. Our priority is to better serve riders, retailers, and communities and to be the best place for our teammates to innovate and grow. The time is now to adapt to the current environment and ultimately led us to make some extremely tough decisions today. I want to recognize those teammates who departed and thank them for all their contributions, hard work, and dedication to Specialized. We are focused on ensuring that they are fully supported during this difficult time. It may be tough to see in the moment, but the future of cycling and the future of our brand is bright."