Specialized has today announced it has laid off eight percent of its workforce, approximately 125 people, with immediate effect.
In a press release, the company cites industry and economic challenges as the reason for the decision, stating “it’s clear the time has come for transformation and shifts for the future.”
“We are transforming the company around our purpose to Pedal the Planet Forward,” states Scott Maguire, the new CEO following last year’s stepping-down of founder Mike Sinyard. “Our priority is to better serve riders, retailers, and communities and to be the best place for our teammates to innovate and grow. The time is now to adapt to the current environment which ultimately led us to make some extremely tough decisions today.”