Katerra Layoffs
June 2021
Katerra announced a layoff affecting 2,434 employees (100% of its workforce) in June 2021. The company operates in the Construction sector.
2,434
100%
Jun 1, 2021
About
Katerra, a SoftBank-backed construction startup once valued at $4 billion, is shutting down and laying off thousands of employees. The company, which had around 2,434 employees according to its LinkedIn page, struggled with project delays, cost overruns, and financial difficulties exacerbated by the Covid-19 pandemic and rising labor costs. Despite previous layoffs and a $200 million bailout from SoftBank last year, Katerra failed to stabilize, leading to its closure in June 2021. The company, which aimed to revolutionize the global construction industry, also faced an SEC investigation into its accounting practices before its collapse.
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