P&G announced it will be laying off roughly 6% of its workforce.
Transcript:
Procter & Gamble, which owns brands like Pampers, Mr. Clean, and Tide, announced it will be laying off roughly 6% of its workforce. With 108,000 employees, that comes out to about 7,000 job cuts. The reason behind the cuts is one we’ve heard a lot in recent months: tariffs.
While the majority of what the company sells is produced in the U.S. — some materials and finished products are imported from China. Based on the current tariff rates, P&G said it’s preparing to take a before-tax hit of $600 million in its 2026 fiscal year. The company has already announced there would be price increases on some products.
Of the announcement, P&G executives said, “This is not a new approach, rather an intentional acceleration of the current strategy… to win in the increasingly challenging environment in which we compete.”
According to Reuters, the trade war has already cost U.S. companies more than $34 billion in lost sales and increased costs.
That’ll do it for your daily briefing. From New York City, I’m Kelsey Barberio with TheStreet.
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