Morgan Hill, California-based Specialized Bicycle Components, a designer manufacturer, and marketer of bicycles, and bicycle components, has implemented a cost-reduction initiative affecting 8% of the company's workforce, or 120 employees.
According to Specialized CEO Scott Maguire...
“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.”
Previously...
“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. 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.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?