Pinterest announces restructuring plan in addition to a 4% workforce cut

March 27, 2023 4:48 PM EDT

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Pinterest (NYSE: PINS) announced a restructuring plan, which consists of subleasing the company’s leased office space at 505 Brannan Street in San Francisco. The company will cease occupying by the end of Q1/23, and abandon certain other leased office spaces, which are in addition to around 4% workforce reduction commenced in February 2023.

The plan, which is intended to support the company’s corporate strategy, improve efficiency and position the business in light of the ongoing macroeconomic environment, is expected to cost the company $100-$125 million.

The office space reduction plan is anticipated to be fully completed in 2023.

By Davit Kirakosyan

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