Thread regarding InnerWorkings Inc. layoffs

Layoffs coming Oct 1st 2018

From press release dated 8/14/18:

Cost Reduction Plan

InnerWorkings has implemented an aggressive cost reduction plan which is expected to enable the company to reduce selling, general and administrative expenses in 2019 to be in line with 2017 expenses. The Company expects to reduce annualized G&A expenses by $20 million over the next few quarters, with reductions made across the business to optimize staffing levels, realign underperforming operations, and better leverage talent across accounts.

“We have already initiated cost reduction measures with approximately 50% of the plan to be actioned by October 1st,” said Chip Hodgkins, Interim Chief Financial Officer of InnerWorkings. “If in 2019 we achieve a similar gross revenue growth rate and gross margin as compared to this year, these cost reductions are expected to enable 2019 non-GAAP adjusted EBITDA of $65 to $70 million, or approximately 30% above our expectation for 2018.”

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