AM I NEXT? THE HANDWRITING IS ON THE WALL FOR PFIZER LAYOFFS (07/27/24)

Am I Next? Mass layoffs at Pfizer in 2019.

JULY 27, 2024 — 210 EMPLOYEES IN NORTH CAROLINA

Pfizer will lay off about 210 workers in Eastern North Carolina, including 60 workers at its Rocky Mount facility in Nash County and 150 at its Sanford facility in Lee County.

According to a company statement, “Pfizer does not take these changes lightly. Our colleagues are our top priority, and we are committed to keeping them informed throughout the process and providing them with support services. We want to reinforce that this decision is not a reflection on the performance of our colleagues but is in alignment with our site capacity design to meet the needs of the business.”

JUNE 16, 2024 — LAYOFFS AT SANFORD, NORTH CAROLINA FACILITY?

The company is said to be considering up to 200+ layoffs after a failed trial of a Duchenne muscular dystrophy treatment that was supported by the facility.

A company spokesperson noted, “However, in light of the recent disappointing results in our Ciffreo Duchene muscular dystrophy trial, we can’t rule out future changes to staffing based on the expected demands of our business.”

DECEMBER 27, 2023 —- 285 EMPLOYEES TARGETED IN PEARL RIVER, NEW YORK

The company has targeted 285 workers in Pearl River, New York, for layoffs to occur between February 12, 2024, and March 25, 2024.

A company spokesman noted, "As previously communicated, Pfizer has launched an enterprise-wide cost realignment program. Various areas of Pfizer’s global enterprise are making changes to operate more efficiently and effectively. These changes are being implemented on a rolling basis and will differ area to area. Part of the effort will result in some job loss across a number of our locations, including our Pearl River, NY site. All job-related decisions have and will be made with transparency, compassion, and respect, and in compliance with applicable laws. A generous separation package will be offered to U.S. colleagues whose roles are eliminated and each will continue to have the opportunity to post for internal Pfizer roles."

NOVEMBER 1, 2023 — PEAPACK, NEW JERSEY FACILITY CLOSURE

The company plans to close its Somerset County corporate office located in Peapack, New Jersey, in early 2024. The closure will impact 791 employees, some of whom will be offered positions at Pfizer’s New York headquarters and a few others offered positions at the company's Parsippany, New Jersey facility.

According to a company spokesperson, "Pfizer continually looks for ways to effectively utilize our workplace facilities and create a more vibrant and energetic work experience for our colleagues. Pfizer is in the process of closing its Peapack, New Jersey facility, which will go into effect in early 2024.”

The decision was driven by the company’s “enterprise-wide cost realignment program” and the decision to sell the Peapack campus.

FEBRUARY 21, 2023 — 111 JOBS AT SAN DIEGO, CALIFORNIA RESEARCH CENTER

The company is eliminating 111 employees from its San Diego, California, research and development organization between March 27, 2023, and June 19, 2023.

The reason behind the layoffs is attributed to the company’s discontinuing some drug development programs to rebalance its research portfolio.

JULY 29, 2022 — VOLUNTARY RETIREMENTS LEAD MORE TO COME IN 2023

The company is offering early retirement to eligible U.S. employees, ahead of layoffs next year.

According to a company spokesperson, “As we prepare for growth we are creating a simpler more efficient structure which will affect some managerial roles and responsibilities. We are offering enhancements to certain benefits to lessen this effect. Overall, its workforce will shrink by “a couple of percentage points.”

A couple of percentage points equals approximately 1,800 employees.

“To achieve our full potential we will need to create a simpler and more efficient organization. As we simplify the organization to avoid duplication, create single points of accountability and reduce the number of layers within teams, there will be an impact on some managerial roles and responsibilities across the organization.

JANUARY 14, 2022 — 200+ LAYOFFS NATIONWIDE AS PFIZER IMPLEMENTS REMOTE ENGAGEMENTS

Pfizer has announced that it will be laying off a few hundred positions across its U.S. sales force as it plans for more digital engagement.

According to a company spokesperson, "We are evolving into a more focused and innovative biopharma company, and evolving the way we engage with healthcare professionals in an increasingly digital world. There will be some changes to our workforce to ensure we have the right expertise and resources in place to meet our evolving needs."

JULY 30, 2019 — PFIZER CONTINUES TO SHRINK. DEALS TO CONTINUE …

In the company’s second-quarter conference call, Albert Bourla noted, “We are about to create the joint venture with GSK for our consumer business and we just announced the proposed agreement with Mylan for our Upjohn business.

When all these actions are complete, Pfizer will be a smaller, more focused, science-based company with a singular focus on innovative pharma. We believe we will be in a position where our pipeline will be able to move the needle even more dramatically in terms of our long-term growth prospects.”

This disruption is likely to result in mass layoffs as departments, functions, and roles are reassessed, transferred, or eliminated.

OCTOBER 26, 2018 — Original post…

The handwriting is clearly on the wall as New York City, New York pharmaceutical giant Pfizer has announced early retirement to qualified employees prior to an announced layoff of up to 2,000 employees in 2019. According to the company, the layoffs are part of a restructuring plan whose goals are to “simplify the organization to avoid duplication, create single points of accountability and reduce the number of layers within teams.”

A company spokesperson noted, “As we prepare for growth we are creating a simpler more efficient structure which will affect some managerial roles and responsibilities. “We are offering enhancements to certain benefits to lessen this effect.” It appears that employees who are 55 or older or who have at least ten years of service are eligible if they notify the company of their intention to accept the offer in the near future.

Like many restructuring efforts, the leadership will also pass from the current CEO Ian Read who will become Executive Chairman to the current COO, Dr. Albert Bourla. Perhaps the greatest challenge facing Dr. Bourla, a veterinarian from Greece, will be the loss of significant billion-dollar revenue streams as drugs come off patent and are faced with competition from lower-priced generics. Such as loss can be massive as the company lost an estimated $23 billion in revenue with anti-cholesterol statin Lipitor and is facing the loss of at least $3.5 billion in revenue with the loss of patent protection on Lyrica, the anti-convulsive medication.

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? THE HANDWRITING IS ON THE WALL AT DISNEY-FOX

Am I Next? Thousands of jobs are at risk after the Disney-Fox deal closes.

In a fierce bidding war against Comcast, Disney paid approximately $71.3 billion to acquire the majority of 21st Century Fox's assets.

The acquisition of Fox by Disney is expected to close in the first part of next year and there will be the inevitable blood bath when the consolidation and cost-cutting commences.’

In preparation for the closing, a committee of Disney and Fox employees were created to look at redundancies between the two organizations and the integration of its major systems. It is believed that thousands of jobs globally are at stake.

It was believed that Stacy Snider, 20th Century Fox Film chairman and CEO would be welcomed at the new company for their institutional knowledge and experience in the business.

However, Snider herself told show business magazine Variety that she apparently has been passed over by Disney and that she will be out of a job when the Disney-Fox merger becomes final. In the interview she said it best…

“Most of the employees at Fox have been there for decades. They’ve given most of their careers to Fox. Many of them are hanging on to see if there will be an opportunity at Disney. My job for the last year has also been chairman of human emotions and resident shoulder to cry on. There’s going to be a lot of job loss. However, and this is not to diminish the pain people will go through, but time waits for no one. This will not be the first or last consolidation the industry sees.”

There is little doubt in my mind that this will be a life-changing event for hundreds of older Fox employees who support the back-end operations and are vital to the task of running the studio in a chaotic and pressure-filled environment.

It can happen to anyone, anytime, anywhere ... are you wondering, Am I Next?

AM I NEXT? THE HANDWRITING IS ON THE WALL At HASBRO TOYS (10/24/24)

Am I Next? Restructuring at Hasbro Toys - Up to 500 jobs at risk.

OCTOBER 24, 2024 — 100 EMPLOYEES AT RISK

As it mull relocating the company’s headquarters to Boston, Massachusetts, the company is implementing a restructuring plan leading to a reduction in its workforce, estimated to be 100 employees, half from Pawtucket, Rhode Island.

CEO Chris P. Cocks noted, “We will also be making investments in our team, most notably exploring a new HQ with a collaborative, modern environment that is reflective of our brands and fosters innovation. We wouldn’t be moving until mid-2026 at the earliest, prioritizing convenience to public transit and working closely with teams to make sure we’re building a space that works for our unique needs.”

DECEMBER 18, 2023 — WIZARDS STAFF

Including at the company’s Renton, Washington-based subsidiary Wizards of the Coast.

DECEMBER 12, 2023 —1,100 LAYOFFS

The company is reducing its workforce by 1,100 jobs, following the previous layoffs of 800 employees earlier this year.

Chief Executive Chris Cocks noted that the layoffs were “spurred by weaker-than-expected toy sales through the first nine months of the year, which came after sales hit “historic, pandemic-driven highs.”

JANUARY 27, 2021 — 15% OF THE WORKFORCE, 1,000 EMPLOYEES

Implementing a cost-cutting initiative, the company announced that it is cutting about 1,000 jobs.

Chief Executive Chris Cocks noted, “We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability. While the full-year 2022, and particularly the fourth quarter, represents a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”

Eric Nyman, president and chief operating officer, is departing the company, and the company is also looking to sell its production division Entertainment One.

October 24, 2018 — Original post…

Pawtucket, Rhode Island-based Hasbro, the world’s largest toy company, has announced that they are planning to trim less than 10 percent of its 5,000-employee workforce, leading to the layoffs of up to 500 workers.

According to a company spokesperson announcing organizational changes affecting a single-digit percentage of its global workforce, “As part of Hasbro’s ongoing transformation, we continue to make meaningful organizational changes. While some of these changes are difficult, we must ensure we have the right teams in place with the right capabilities to lead the company into the future. We continue to add new capabilities based on our understanding of the consumer and how our retailers are going to market while evolving the way we organize our business across our Brand Blueprint.”

From the Third Quarter Disclosures…

“Based on organizational actions to ensure we have the right talent and capabilities to profitably grow going forward, we expect to record a charge of $50-$60 million in the fourth quarter of this year relating to severance. While this will result in $30-$40 million of annual savings by 2020, most importantly it will ensure we are well positioned with the right talent for success in the evolving marketplace we see ahead of us.

We remain focused on growing Hasbro over the long-term and continue investing in brands and entertainment to drive future performance. We have also returned $422 million in cash to shareholders thus far this year through our dividend and share repurchases.”

With a drastic restructuring of the retail toy industry, changes in consumer purchasing patterns, and more engagement with electronic rather than physical toys, layoffs should come as no surprise to employees of toy companies such as Hasbro and Mattel.

Are you wondering, Am I Next?