Embattled U.S. cannabis retailer MedMen has announced that it is cutting another 20 per cent of its workforce. The announcement comes just one month after the company laid off 190 employees.
The company did not specify how many workers were set to lose their jobs. But it did say that it has reduced its corporate staff by over 40 per cent, saving the retailer approximately U$20 million in salaries.
The company announced last month that it planned a reduction of 20 per cent of its corporate workforce as a part of the 190-job cuts.
The layoffs have been announced in the midst of the company’s urgent restructuring — this includes limiting the opening of new retail locations in the new year to stores that could potentially earn more than $10 million in revenue in their first year of operation, the reduction of administrative and other costs, and the divestment of assets such as sales minority stakes in a variety of brands.
“We find ourselves in the exact same spot as all of the other competitors across the industry, where nobody’s fully funded because everybody’s been living in this high-growth phase,” CEO and company co-founder Adam Bierman told Bloomberg in a recent interview.
Published: December 13, 2019