Steelcase Inc. has reported disappointing second-quarter earnings guidance, prompting a fall in its share price and raising concerns of further job cuts. The office furniture manufacturer recently reduced its workforce in response to "weak macroeconomic factors and lower demand in Germany and France", and said additional layoffs may follow.
© Steelcase
While corporate demand remains stable and there are early signs of recovery in the commercial real estate and office leasing markets, Steelcase continues to face pressure from sluggish government spending and economic uncertainty in Europe.
The post-pandemic shift toward remote and hybrid work has significantly disrupted traditional office design and procurement, with many organisations re-evaluating long-term space needs. Despite optimism earlier in the year about a commercial rebound, this latest update reflects ongoing volatility in the sector.
Steelcase, a key player in the global contract furniture market, is navigating a challenging landscape as it seeks to adapt to evolving workplace models.
Source: www.marketwatch.com