50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Tyson Foods to lay off 228 employees near Chicago who decline move to Arkansas

Published 06/13/2023, 11:44 AM
Updated 06/13/2023, 04:55 PM
© Reuters. FILE PHOTO: The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. REUTERS/Arnd Wiegmann
TSN
-

CHICAGO (Reuters) - Tyson Foods (NYSE:TSN), which is seeking to cut costs, will lay off 228 corporate employees in Illinois who declined to relocate to the meatpacker's Arkansas headquarters, the company confirmed on Tuesday.

Tyson said it will eliminate 177 employees from an office in downtown Chicago and 51 employees in suburban Downers Grove, Illinois, starting on July 31, according to the state.

The offices had roughly 500 employees overall as of last October, when Tyson announced a decision to consolidate corporate offices. Employees resisted and some have already left for jobs with other companies, as Tyson has grappled with high prices to buy cattle for slaughtering and easing demand for meat from cash-strapped consumers.

The 228 being laid off are those remaining with the company until the Chicago and Downers Grove offices close, Tyson said.

"Those impacted were due to the consolidation of corporate offices," the company said.

Including layoffs at another office in Dakota Dunes, South Dakota, Tyson will eliminate about 490 corporate employees who opted not to relocate, out of roughly 1,000 workers.

Tyson has said moving employees to its Springdale, Arkansas, headquarters will benefit collaboration and decision making.

© Reuters. FILE PHOTO: The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. REUTERS/Arnd Wiegmann

The company separately closed two U.S. chicken plants with almost 1,700 workers this year and said in April it would eliminate about 10% of corporate jobs and 15% of senior leadership roles.

As of Oct. 1, Tyson had about 124,000 U.S. employees, including 118,000 working in non-corporate sites like production plants, according to regulatory filings.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.