Swedish home appliances maker Electrolux on Friday announced that it would cut up to 4,000 jobs as part of a restructuring programme, as the group reported heavy third quarter losses. The majority of the targeted cost savings will be realised in business area North America”, AFP reported the company as saying. It added that “3,500-4,000 positions will be affected by the programme.”

The company reported heavy losses, especially in North America, owing to slowed demand. As per the estimates, inflation and high interest rates are expected to lead to further declines.

“Market demand in both Europe and North America for the full-year of 2023 is expected to further deteriorate, i.e. be negative year-over-year,” Chief Executive Jonas Samuelson said in a statement.