
Aim for the moon, fall into the Black Hole
July 21, 2021 - "Multicloud solutions provider Rackspace Technology has announced plans to lay off one in 10 of its workers, with 85% of these roles being replaced through offshore service centres. ... At this point, Rackspace layoffs have become an almost annual event, with the company shedding between 100 and 200 workers each year since 2017. It laid off 275 employees – representing nearly 6% of its workforce – in 2017 after being acquired by Apollo. This new layoff is much larger and may have more significant implications for the company. Initial estimations suggest Rackspace will cut about 700 jobs at its headquarters in San Antonio, according to Texas Public Radio. Rackspace’s UK workers will seemingly fair slightly better, according to The Register’s sources, with fewer than 100 employees being made redundant."
Rackspace is owned by Apollo Global Management for £3.3 billion in 2016, to whom it was sold in 2016.
"Apollo is a high-growth alternative asset manager. Our asset management business provides companies with innovative capital solutions and support to fund their growth and build stronger businesses. Across all parts of our business, we invest alongside our clients and take a responsible, knowledgeable approach to drive positive outcomes. ... we are dedicated to a more inclusive and sustainable economy."