Microchip Technology announces layoffs due to declining sales

Microchip Technology will announce layoffs on Monday at its factories in Oregon and Colorado due to a significant drop in sales. The exact number of affected employees is still being determined. The company reported a 45% decline in sales, totaling $3.4 billion, and a 91% drop in profit. It has also decided to implement intermittent furloughs for remaining workers instead of larger layoffs. Microchip previously planned to expand its factories but has paused those negotiations. Laid-off employees will receive severance pay based on their tenure with the company.