Clorox Shares Rose Amid Announcement of Workforce Layoff

On Thursday, the stock price of Clorox ended higher after saying it would slash 4% of its employee.

It clarified that 200 personnel of its non-production workforce would lose their position. This decision was made to put a lid on costs due to economic slowdown concerns.

At the closing bell on April 20, Clorox’s share price rose by 1.50% to $162.94 apiece. Likewise, it is projected to increase by 0.21% to $163.29 apiece in the upcoming session.

The company joins a list of US-based entities from technology to retailers, including Bed Bath & Beyond and Wayfair. All of them have cut their workforce amidst growing recessionary fears in the country.

Clorox CEO Linda Rendle said they are working on generating annual savings of about $75 million to $100 million. She added that the company would continue implementing alterations.

In February, the household staples maker already warned of upcoming layoffs over the next few months.

In September 2022, Clorox eliminated about 100 positions, which is 2% of its non-production workforce. The move was made due to its streamlining efforts.

As of June 30 last year, the California-based firm employed approximately 9,000 people all over the world, with 72% in the United States.

Digital Marketing and Innovation

Last month, Clorox unveiled BetterYourHealth.com to merge its four brands into one direct-to-customer website.

Renu Mevasse, Better Health’s marketing innovation director, began the year with a blog about the firm’s quick response to evolving customer needs.

Besides, he highlighted the new better-for-you strawberry flavor that has no sugar coating to calm anti-stress gummies.

Meanwhile, Clorox inaugurated a $75 million R&D health and beauty hub in Durham, North Carolina, in May.

The move was made to double down on innovation and unlock synergies between its brands, such as Better Health and Burt’s Bees.