New York-based Compass (NYSE: COMP) confirmed the layoffs in a June 14 filing sent to the U.S. Securities and Exchange Commission. In all, the company expects the layoffs to affect about 450 employees, the filing said. In total, the layoffs and wind-down of Modus Technologies Inc., a title and escrow software company based in Washington state, are expected to cost the company between $21.5 million and $23 million. This is not the first time Compass has implemented layoffs to head off economic uncertainties. In 2020, as the Covid-19 coronavirus pandemic swept across the country, Compass implemented nationwide layoffs that affected 15% of the company’s employees. The layoffs will not affect Compass’ real estate agents . . .
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