Whirlpool cutting 1,000 jobs in 2024 amid slow home sales

What’s going on at Whirlpool Canada?

Whirlpool Corporation, known for its Maytag and Amana appliance brands, is taking significant steps to reduce costs through a global reduction of approximately 1,000 salaried positions. This decision comes in response to sluggish U.S. home sales which have dampened demand for their products.

Jim Peters, the Chief Financial Officer of Whirlpool, emphasized that the company is working on “simplifying our structure” in the face of what he described as “sticky” inflation, impacting various cost areas.

Key details of Whirlpool’s cost-cutting measures

• Initial layoffs: The company has already completed the first round of job cuts primarily targeting office staff, with plans to initiate a second round soon.
• Global workforce: As of the end of 2023, Whirlpool employed 59,000 workers across various international locations.
• Financial struggles: Efforts to trim costs by about $400 million this year are facing challenges due to persistently high expenses in labor, transportation, and logistics.

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Impact on sales and product strategy

• Sales decline: There was an 8.1% decrease in large appliance sales in North America in the first quarter, compared to the previous year.
• Strategic shifts: In response to weaker demand for large appliances, Whirlpool has reduced discounts and promotions. Instead, they are focusing on smaller, countertop appliances like KitchenAid stand mixers and battery-powered blenders.

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