AM I NEXT? NO LOVE AT REFF TECHNOLOGY

Miami, Florida-based REEF Technology. a provider of hardware, software, and management services for utilizing real estate, primarily parking lots and empty spaces, as parking lots, delivery hubs, and ghost (pop-up) kitchens, has announced a restructuring to focus on its core competencies, parking lots and ghost kitchens.

The restructuring will impact 750 employees with separations starting immediately.

According to Reef Technology CEO, Ari Ojalvo. ""At the beginning of the year, we refocused our strategic priorities on strengthening our parking business, building on the exponential growth of REEF Kitchens, and expanding our Proximity platform. We also sharpened our focus on profitability and productivity, both critical assets in inflationary environments. To adapt to this environment, it is with a heavy heart that we are parting ways with about 5% of our global workforce. In the coming days, those whose roles are impacted will be contacted individually to discuss severance and transitional support."

"Ghost kitchens are essentially restaurants without the dining space. Their focus is to sell and fulfill online food orders for delivery using third-party apps like Grubhub, UberEats, and DoorDash, or with their own delivery operation. As a result, they typically have no visible storefront. Many are trailer-based mobile operations."

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. 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?

AM I NEXT? NO LOVE AT SECTION4

New York, New York-based Section4, a start-up educational technology company producing college-level virtual instructional materials democratizing elite business school education, announces a major reorganization to refocus the company's educational services from individuals to corporate entities.

The reorganization resulted in a reduction of force that targeted 25% of the workforce, mainly product teams.

The decision appears to be driven by a revenue shortfall and the company's two- to three-week courses using prominent professors from elite schools were more costly than anticipated. Offerings from free online courses produced by the elite colleges themselves remain a significant competitive factor.

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. 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?

AM I NEXT? NO LOVE AT ZWIFT

Long Beach, California-based Zwift, a massively multiplayer online cycling and running physical training program that enables users to interact, train and compete in a virtual world, has announced a restructuring of future operations and a major reduction in force.

The cancellation of its hardware-based smart bike and trainer program has impacted 150+ employees, mostly in the company's hardware division.

According to a company statement, “Given the current macroeconomic environment, we have decided to scale back our hardware offering, pausing plans to launch a smart bike. As a consequence, Zwift has implemented difficult, yet important changes to the organization of the business. We are grateful for the contributions of all those impacted and have done our very best to support them.”

According to a company spokesperson, “There’s sort of two things at play with that. We started to scale the business with anticipation of launching hardware and spinning those products up. But also, we planned for the additional revenue that would have been driven by the sale of that hardware, and that revenue isn’t going to be coming in now. So the decision has been made to right-size the business as the result of the loss of that projected revenue stream.”

“We didn’t think it was a wise move to launch a high-end trainer or a high-end smart bike at this time. There are products existing on the market that are readily available, and there are going to be fewer people looking to spend big money on high-end trainers, we don’t want to be fighting for that space. The intent [of their own hardware] was always to grow the market, not to go into hand-to-hand combat with those guys [hardware partners], and that’s not great for the industry.”

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. 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?