Bloomberg cited 955 People will get laid off. Does this mean the list is confirmed?
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https://www.channele2e.com/business/talent/citrix-tibco-layoffs-2022-software-merger-includes-1000-planned-staff-cuts/
"On the cost-cutting front, Bloomberg said:
Citrix and Tibco plan to can cut costs by $371 million annually;
that includes one-time costs of around $200 million and 955 layoffs — including sales and marketing cuts of about 450 jobs."
Where do the other 500+ come from?
This is the first cut.
PE usually has a plan for the next 5 years. Citrix has borrowed $15.5B which has to be re-payed. At 6.5% interest Citrix will have to pay almost $1B per year, which means that the company has to be run at 30% profit. We are very far away from that.
it’s a conservative starting point. more to come, stay tuned at newCoW