XPost: alt.fan.rush-limbaugh, mn.politics, alt.politics.liberalism   
   XPost: talk.politics.guns, sac.politics   
   From: limp-dick.democrats@kamalaharris.com   
      
   Minneapolis-based bed and mattress manufacturer Sleep Number is set to close   
   dozens of locations in 2024 as part of a restructuring that has also seen 500   
   employees laid off.   
      
   The company, whose headquarters can be found at 1001 3rd Ave. S. in downtown   
   Minneapolis, announced last week that it will be reducing its 2024 operating   
   expenses by $50 million, resulting in a 10% cut to its global workforce.   
      
   "The cost restructuring actions are broad-based and include a reduction in   
   headcount across all areas of the organization, including in corporate and R&D   
   functions," the company said in its 3rd quarter results, in which it revealed   
   a 13% drop in sales    
   and posted a loss of $2.3 million.   
      
   In addition to the layoffs, the company says it will be "rationalizing our   
   store portfolio," which will see 40-50 locations close by the end of 2024, as   
   well as slowing the rate of its new store openings.   
      
   The company has not revealed where it will be closing stores. It currently has   
   16 locations in Minnesota, of which 11 are in the Twin Cities metro, and over   
   600 locations globally.   
      
   The cuts come two months after one of its largest shareholders, Stadium   
   Capital, called for a shakeup at management and board level.   
      
   Twin Cities Business Magazine reports complaints from the investment group   
   included the eight-figure compensation payments made to Sleep Number   
   executives and directors over the past decade, which in turn has led to   
   "unacceptable negative total    
   shareholder returns."   
      
   CEO Shelly Ibach did see her pay fall in 2022, receiving $6.7 million in   
   compensation, a 30% drop on the year before, the Twin Cities Business Journals   
   reported.   
      
   https://bringmethenews.com/minnesota-business/sleep-number-to-cl   
   se-40-50-stores-after-laying-off-500-workers   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)