Creative Technology lays off 40 employees in restructuring

Creative Technology has laid off about 40 employees, representing 14% of its workforce, as part of a restructuring effort. This move aligns with ongoing layoffs in the tech industry, which have affected hundreds of thousands since 2022. The company confirmed the layoffs, which impacted several departments, including sales and marketing. Creative's net loss for the first half of its fiscal year increased to $6.1 million, despite a rise in net sales. Creative is also searching for a new CEO following the retirement of Mr. Song Siow Hui. The company has faced challenges in recent years, including increased competition and market changes.