Takeda Layoffs: Over 640 jobs cut, part of $900M restructuring

What’s happening at Takeda?

Takeda is implementing significant layoffs as part of its $900 million restructuring plan. The company will cut 495 employees at its U.S. headquarters in Cambridge, Massachusetts, and 146 employees at its Lexington campus, as detailed in a Worker Adjustment and Retraining Notification (WARN) Act notice.

Official statements and context

• Layoffs will begin in early July and conclude by March 2025, aligning with the end of Takeda’s fiscal year, which targets a total profit of 225 billion Japanese yen ($1.4 billion).
• A Takeda spokesperson stated the company is committed to supporting affected employees by offering assistance in finding new roles within the company and providing transition resources and consultation services.
• The restructuring aims to improve the company’s core operating profit margin to the low-to-mid 30% range by focusing on organizational agility, procurement savings, and tech efficiency.
• The drive to cut costs and streamline operations is seen as a response to declining profits, especially from the falling revenue of its ADHD medication, Vyvanse.

Impact on Canadian staff

It remains unclear if Canadian employees have been let go by Takeda in this latest round of layoffs.

Your next step

If you have been affected by layoffs at Takeda Canada, continue reading to find out what your rights are, and why you need to contact the employment lawyers at Samfiru Tumarkin LLP.

SEE ALSO
• Tesla layoffs affect software and engineering teams
• IBM layoffs hit long-serving employees in April: reports
• Rivian Layoffs: 10% of staff cut following $2.7B loss

Termination agreements for Takeda Canada employees

In Canada, non-unionized employees at Takeda are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This applies to individuals working in any capacity — full-time, part-time, hourly, or potentially even independent contractors — in Ontario, Alberta, and British Columbia.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause, and can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Severance offers and deadlines

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay. An employer’s deadline to sign back a severance offer is not legally enforceable or binding.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements in a recession

Major layoffs continue

The job cuts at Takeda come amid a flurry of layoffs in 2024.

Big names, including Vancity, Stifel, WillScot of Canada, Netflix, McKinsey & Co, EXL Service, Best Buy, Relic Entertainment, Ubisoft, Intel, Amazon, Telus, Canada Goose, Dell, Unilever, IBM, and TC Energy, have pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Shell to lay off 20% of deals division, part of restructuring
• Walmart Canada cuts jobs amid restructuring, shift to Spark: Reports
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.