Signify Lays Off 35 in Reduction-in-Force
EdisonReport has learned of a reduction-in-force at Signify.
A spokesperson for Signify confirmed the layoff sending EdisonReport the following statement: “Signify continues to evaluate our business operations and reduce costs to support our company’s performance in line with the external marketplace. At the end of 2023, the company committed to keeping our non-manufacturing costs within the range of 25-29% of sales. A reduction in workforce is always difficult. We are committed to supporting the 35 impacted Genlyte Solutions employees and providing the resources to assist them through this transition.”
According to the Signify website, Genlyte Solutions consist of Alkco, Chloride, Day-Brite, Ledalite and Lightolier for the indoor side. The outdoor brands are Gardco, Hadco, Lumec, Stonco, and Color Kinetics. In a separate email, the spokesperson made clear that the Genlyte Solutions brand is not going away. The RIF simply comes from that side of the business.
Last month, Signify reported a nominal sales decline of 9.8%.
As Signify lays off these 35 employees, their stock continues to slide. Signify’s stock price began the year opening at €30.36. as of this writing it is at €21.26, about a 30% drop.