In a surprising turn of events, SMART Technologies (long considered a pillar of stability in modern day computer electronics) released 47 employees today (~5% of the Calgary location). This after news that 45 more are to be laid off in Kanata which brings the total expected lay-off to impact ~5% of employees (92 of ~1500) between both the Calgary and Kanata locations.
The company expressed that these lay-offs are not related to the companies finances and that declining sales (expected in the education market for whiteboards) was not a contributing factor. Interestingly enough SMART still has not yet released financial records for the end of the year. This leaves some investors wondering about the impact this will have on stock prices. Given that recent lay-offs at other companies have had a negative impact on stock prices, this may be the final nail in the coffin for some investors leaving people wondering what SMART was thinking.
In addition Shaw Cable, considered an essential service in many places, also released ~500 employees (4% of staff) and may have more to come. This has also had a negative impact on stock prices for Shaw and the lay-offs are reaching country wide.
This suggests a grim start to the year for those in the industry.
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Edited March 27th. (430)