Report: Whirlpool to cut 1,000 jobs

GRAND RAPIDS, Mich. (WOOD) — Whirlpool Corp. is expected to cut approximately 1,000 salaried jobs while appliance demand wanes.

According to Bloomberg, the first round of layoffs targeted office staff and a second round is expected soon.

The company saw its stock take a hit in the wake of the news. Shares were down more than 11% as of Thursday morning. The stock value is down nearly 30% over the last year.

Chief Financial Officer Jim Peters told Bloomberg that a slowdown in home sales curbed demand and caused sales to fall short of projections. The company is aiming to reduce expenses by $400 million for the fiscal year.

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Whirlpool announced its first-quarter results Wednesday, reporting $4.49 billion in overall revenue, 3.4% below estimates. Large appliance sales in North America were down 8.1%.

Peters said the company is seeing some positive signs despite slower home sales. Trends show some homeowners turning to renovations instead of moving, including new appliances. The company also plans to invest more in smaller countertop appliances, including KitchenAid stand mixers and a new line of espresso makers that Whirlpool officials call “more profitable.”

The Benton Harbor-based company employed approximately 59,000 workers as of the end of 2023.

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