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What just happened? Samsung is cutting hundreds of jobs from its US consumer electronics business as it prepares to move the division's headquarters from New Jersey to Texas. The restructuring comes as the company's semiconductor operation is generating record profits from the AI boom, while the divisions selling phones, TVs, and appliances are struggling with the resulting surge in chip prices.
Samsung Electronics America said 739 roles at its Englewood Cliffs, New Jersey, offices have been affected by the relocation. The majority of those workers have been offered positions in Texas, though others have been laid off. Around 100 employees at Samsung's Plano, Texas, site, including staff from the mobile division, have also reportedly lost their jobs.
Samsung Electronics America employs about 1,200 people in the state of New Jersey, meaning the 739 affected roles represent more than 60% of its local workforce. Internal documents sent to employees on June 30 described an enterprise-wide reduction in force with a significant number of impacts.
