Amazon to lay off 9,000 more workers
Amazon will lay off 9,000 more employees, CEO Andy Jassy said in a memo to staff on Monday.
The cuts are on top of the previous layoffs that commenced last November and extended into January. That round affected more than 18,000 employees.
Amazon made the decision to lay off more employees as it looks to streamline costs and take into account the uncertain economy, as well as the “uncertainty that exists in the near future,” Jassy said. The company just wrapped up the second phase of its annual budgeting process, referred to internally as “OP2.”
“The overriding tenet of our…
Judge denies Elizabeth Holmes’ request to stay out of prison while she appeals fraud conviction
A US District Court judge has ruled that Elizabeth Holmes, founder and CEO of the disgraced blood-testing company Theranos, cannot remain free on bail while she appeals her fraud conviction.
According to court documents filed Monday, Judge Edward Davila ruled that the portion of the conviction that Holmes is appealing is not likely to be overturned. A jury found Holmes guilty in January 2022 of four counts of fraud in connection with her leadership at Theranos. In November, she was sentenced to more than 11 years in prison.
In his latest decision, Davila noted Holmes is challenging her conviction based…
Food storage brand Tupperware warns it could go out of business
Legendary food storage brand Tupperware has hired advisers to help turn around the company after notifying securities regulators it may have to close up shops.
In a release dated April 7, the Orlando, Florida-based company announced it was seeking to improve its capital structure in order to “remediate its doubts regarding its ability to continue as a going concern.”
That same day, Tupperware issued a going-concern notice after warning it could be heading for a default if its lenders demand payment to maintain access to the company’s main line of credit.
“If such demand for repayment was to occur, the…
