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iRobot to lay off 350 employees after Amazon terminates acquisition deal

Economic Times · 1y

Consumer robot maker iRobot is laying off 350 employees, which accounts for about 31% of its workforce, following the termination of its acquisition deal with Amazon. iRobot's CEO, Colin Angle, is also expected to step down. The company anticipates recording restructuring charges of around $12-13 million. Glen Weinstein, iRobot's Chief Legal Officer, has been appointed interim CEO. The deal termination news caused a 10% drop in iRobot's shares. Despite the setback, iRobot is focused on moving forward as a standalone company and achieving profitability.