Stericycle lays off 335 employees

Medical waste disposal company Stericycle, Lake Forest, Illinois, has laid off several hundred employees as part of a restructuring plan, a report by the Chicago Tribune says. The company will spend $7 million to $10 million on severance costs to 335 employees.

The company recently approved a multiyear restructuring plan that is expected to take three to five years, the report says. Stericycle did not respond to a request for comment by the Chicago Tribune.

Stericycle collects and processes medical waste for more than 1 million customers. It recently reported $882.8 million revenues for Q3 2017, a 0.8 percent decrease from Q3 2016, the report says.