Today, Specialized has announced that it has laid off eight percent of its staff, claiming that it's a 'shift for the future'. This immediate-effect lay-off effects around 125 people globally.

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The news comes amid the global cost of living crisis and economic downturn which has seen the cycling market shrink quite considerably in recent months. It's been said that 'now is the time for transformation and shifts for the future'.

While it's stated that these lay-offs have been made globally, we're told that a number of staff from Oregon and Washington have been affected.

Recently appointed Specialized CEO Scott Maguire says, "Our priority is to better serve riders, retailers, and communities and to be the best place for our teammates to innovate and grow. The time is now to adapt to the current environment and ultimately led us to make some extremely tough decisions today."

This isn't the first big change we've seen from the cycling giant as last year the brand added a direct-to-consumer approach that works alongside its retail strategy last year. More recently, there has been a culling within Specialized's ambassador program, taking support away from a number of riders.

• www.specialized.com

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