Dropbox has announced plans to lay off 528 employees, representing 20% of its workforce, due to declining demand. In a letter to employees, CEO Drew Houston cited a difficult market environment and an “overly complex” organizational structure with "excess layers of management" as contributing factors. According to filings with the Securities and Exchange Commission, the layoffs are expected to cost between $63 and $68 million, primarily covering severance and benefits.
Outside Legal Counsel LLP can assist employers effectuate layoff plans when necessary as well as help employees negotiate severance packages. Reach out to us for a consultation.
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