Sonos to layoff 7% of its workforce and reduce its real estate footprint

SANTA BARBARA, Calif. – On Wednesday, Sonos, Inc., a sound system company headquartered in Santa Barbara, announced the layoff of around seven percent of its workforce.

The decision was made on Tuesday, according to a Form 8-K filed with the U. S. Securities and Exchange Commission (SEC) on Wednesday about the workforce reduction plans.

Sonos also indicated it plans to reduce its real estate footprint without specifying where or when.

The company estimates in its filing with the SEC that it will incur approximately $11 to $14 million in restructuring and related charges of which $9 to $11 million will be tied to employee severance and benefits costs in the third quarter of fiscal year 2023.