{"id":387150,"date":"2023-01-12T18:36:04","date_gmt":"2023-01-12T17:36:04","guid":{"rendered":"https:\/\/www.mtb-mag.com\/?p=387150"},"modified":"2023-01-12T18:36:04","modified_gmt":"2023-01-12T17:36:04","slug":"specialized-culls-8-of-its-workforce","status":"publish","type":"post","link":"https:\/\/www.mtb-mag.com\/en\/specialized-culls-8-of-its-workforce\/","title":{"rendered":"Specialized Culls 8% of its Workforce"},"content":{"rendered":"<p><strong><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">Specialized<\/span><\/span><\/strong><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"> announced Wednesday it was laying off 8 percent of its workforce in what the company called a &#8220;transformation.&#8221; <\/span><span style=\"vertical-align: inherit;\">The layoffs affect the entire company globally, including company-owned retail stores in the United States and abroad.<\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">Here is the press release straight from the source:<\/span><\/span><\/p>\n<p><strong>Morgan Hill, CA, January 11th, 2023 \u2013<\/strong> Over the last three years, the industry has changed at an incredible pace and shown that cycling is more powerful than ever. It\u2019s clear the time has come for transformation and shifts for the future. This past week, Specialized made the incredibly difficult decision to say goodbye to 8% of teammates around the world. 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.<\/p>\n<p><em>\u201cWe 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.\u201d<\/em> \u2013 Scott Maguire, Specialized CEO<\/p>\n<p><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">In March, company founder Mike Sinyard stepped down as CEO and appointed Maguire, coming from Dyson. <\/span><span style=\"vertical-align: inherit;\">In May, Armin Landgraf (former CEO of Pon Bike and Canyon Bicycles) was appointed head of world markets.<\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">The company filed a <\/span><\/span><em><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">Worker Adjustment and Retraining Notification<\/span><\/span><\/em><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"> (WARN) notice with the state of Oregon on Wednesday, indicating it would lay off seven Oregon employees as part of a nationwide cut of about 120 workers. <\/span><span style=\"vertical-align: inherit;\">The notice said the workers would be laid off on Friday and that the company would pay them 60 days of salary and benefits instead of the 60 days notice required by law.<\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">Specialized&#8217;s layoffs follow a series of cuts across the industry, as has already occurred at companies like Zwift, Wahoo, Strava, Pearl Izumi and publisher Outside (CyclingTips).<\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">All brands experienced booming sales and inventory shortages starting in 2020, only to begin struggling with overstocking in some categories in mid-2022.<\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">In 2021 Specialized began to react to Trek&#8217;s acquisition of many retail stores in the US (and recently Europe) including some of Specialized&#8217;s largest dealers in some territories. <\/span><span style=\"vertical-align: inherit;\">First, it offered an alternative, saying it would help fund retailers who were looking to retire or leave their shops. <\/span><span style=\"vertical-align: inherit;\">Then Pon.Bike (Cervelo, Focus, Santa Cruz, etc.) also bought the Mike&#8217;s Bikes chain in California and Specialized withdrew its bikes from Mike&#8217;s stores and began opening company-owned distribution centers. <\/span><span style=\"vertical-align: inherit;\">Specialized has since begun acquiring stores more aggressively.\u00a0<\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">This led to many hirings in a short time. <\/span><span style=\"vertical-align: inherit;\">Then with the market changes reversing course they changed directions, which began publicly last month, when Specialized ended contracts with several <\/span><\/span><em><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">ambassador<\/span><\/span><\/em><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"> athletes, ending its program, even though the company had specified that: &#8220;<\/span><\/span><em><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">Our ambassador program is continuing to change based on the needs of cyclists, but it&#8217;s definitely not going away<\/span><\/span><\/em><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"> .&#8221;<\/span><\/span><\/p>\n<p><a href=\"https:\/\/www.bdc-mag.com\/wp-content\/uploads\/2023\/01\/specialized_aethos-5.jpg\"><img loading=\"lazy\" class=\"alignnone size-medium wp-image-48399\" src=\"https:\/\/www.bdc-mag.com\/wp-content\/uploads\/2023\/01\/specialized_aethos-5-1280x854.jpg\" alt=\"\" width=\"1280\" height=\"854\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Specialized announced Wednesday it was laying off 8 percent of its workforce in what the company called a &#8220;transformation.&#8221; The layoffs affect the entire company globally, including company-owned retail stores in the United States and abroad. Here is the press release straight from the source: Morgan Hill, CA, January 11th, 2023 \u2013 Over the last three years, the industry has changed at an incredible pace and shown that cycling is more powerful than ever. It\u2019s clear the time has come for transformation and shifts for the future. This past week, Specialized made the incredibly difficult decision to say goodbye to<\/p>\n","protected":false},"author":721,"featured_media":387088,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3678],"tags":[12397342,5226149],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v19.7.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Specialized Culls 8% of its Workforce | MTB-MAG.COM<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mtb-mag.com\/en\/specialized-culls-8-of-its-workforce\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Specialized Culls 8% of its Workforce\" \/>\n<meta property=\"og:description\" content=\"Specialized announced Wednesday it was laying off 8 percent of its workforce in what the company called a &#8220;transformation.&#8221; The layoffs affect the entire company globally, including company-owned retail stores in the United States and abroad. Here is the press release straight from the source: Morgan Hill, CA, January 11th, 2023 \u2013 Over the last three years, the industry has changed at an incredible pace and shown that cycling is more powerful than ever. It\u2019s clear the time has come for transformation and shifts for the future. 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