Xerox announced that it will be laying off a part of its workforce as it tries to reinvent the company amid slowing revenue. Shares of the digital printing company closed down more than 12 percent following the Jan. 3 announcement.
Xerox is pursuing a new “business unit operating model” under which the corporation is “targeting a 15 percent workforce reduction” in the current quarter, the Norwalk, Connecticut-based firm said in a statement. “Proposed reductions will be subject to formal consultation with local works councils and employee representative bodies where applicable. Xerox is committed to providing transition support for affected employees.”
