US cloud company Rackspace is to lay off around 10 percent of workforce.
The company said it was shedding around 700 hundred employees as part of a restructuring plan, and will use the money saved to reinvest and expand its product offerings in fast-growing areas of the business.
On July 21, 2021, the company committed to an internal restructuring plan, which will drive a change in the types of and location of certain positions and is expected to result in the termination of approximately 10% of the Companys workforce, the company said in recent SEC filings.
The rebalance in workforce is a component of a broader strategic review of the Companys operations that is intended to more effectively align the Companys resources with its busines…
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