The Swedish home appliance company Electrolux recently announced that it will cut about 3,000 jobs due to its sales dropped in the third quarter.
“Against the background of continued weak consumer demand and competitive pressure in the market, Electrolux Group is stepping up its cost reduction efforts to restore margins,” the company said in a statement.
According to the company, its sales dropped for a near eight percent to 33.4 billion kronor ($3 billion) in the third quarter compared to the same period the previous year.
Electrolux employed around 44,600 people in this quarter which was down from 51,400 last year. Due to the supply-chain disruptions, the company is now struggling to adapt to weaker demand.
Source: Yahoo News
