Device recall and supply chain issues prompt Philips to announce layoffs

Technology company Philips plans to cut an estimated 5% of its workforce, about 4,000 positions, due to losses caused by the recall of a sleep apnea product as well as supply chain issues, according to information released by the CEO in third-quarter results. The layoffs are expected to be concentrated in the United States and the Netherlands. The Amsterdam-based conglomerate

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