Rackspace Technology Inc

+0.51 (+2.84%)
Debt Financing / Related, Layoffs, Restructuring / Reorganization

Rackspace Technology Says Committed To An Internal Restructuring Plan

Published: 07/22/2021 13:40 GMT
Rackspace Technology Inc (RXT) - Rackspace Technology Inc - on July 21, 2021, Company Committed to an Internal Restructuring Plan.
Rackspace Technology Inc - Plan Expected to Result in Termination of Approximately 10% of Company's Workforce.
Rackspace Technology Inc - Anticipates That Approximately 85% of Roles Will Be Backfilled in Company's Offshore Service Centers.
Rackspace Technology Inc - Substantially All of Employees Impacted by Reduction in Force Were Notified of Reduction on July 22, 2021.
Rackspace - Estimates Will Incur Expenses of About $70 Million to $80 Million Related to Restructuring Plan to Be Incurred Over Next 12-24 Months.
Rackspace Technology Inc - Expects to Realize Approximately $95 to $100 Million in Gross Annual Savings Compared to Current Expense Levels.
Further Company Coverage: Rxto ((reuters.