Vintage Wine Estates (VWE) has concluded another round of layoffs, the fourth time the company has done so in the past 14 months.
VWE’s board of directors approved a 10% reduction in workforce on May 8, “as a result of the company’s financial condition,” and notified affected employees on May 10, according to a Form 8-K filed with the U.S. Securities and Exchange Commission. The full rollout of cuts is planned to be completed by the end of Q4 FY2024, which is late June for the company.
VWE’s portfolio includes more than 30 wine and spirits brands, as well as ACE Cider. It is not known how many employees were impacted, or from which brands, but at least one of the impacted employees from ACE’s sales team wrote about the layoffs on LinkedIn, and offered support for fellow affected employees.
VWE previously cut about 15% of its workforce in January, with an estimated annual savings of $7.1 million, The North Bay Business Journal reported. It is unclear how many employees were impacted in that round. However, the company had 568 full-time employees as of June 30, according to the company’s annual report for fiscal year 2023.
The move followed a 4% reduction (approximately 25 roles) in March 2023, and a 7% reduction (approximately 45 roles) in July 2023, according to a 10-K filing.
VWE and ACE did not respond to requests for comment as of press time.
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