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OpenAI is also planning to complete a corporate restructuring by the end of the year that would give its for-profit arm independence from the nonprofit that currently governs it, according to a person familiar with the matter who asked not to be identified discussing private information.

Mr Galeazzi was the chief executive of Galeazzi & Associados, a corporate restructuring and crisis management firm based in São Paulo.

The layoffs, which the company described as part of a corporate restructuring, come as major publishing companies have been buffeted by sluggish print sales and rising supply chain costs, and have struggled to find new ways to get books in front of customers who have migrated online.

The bankruptcy petition is signed by CEO Jonathan Tibus, a corporate restructuring specialist who took the top post at Red Lobster in March.

The gusher of philanthropic money is the product of an unconventional corporate restructuring in 2022, when Patagonia’s founder, Yvon Chouinard, and his family relinquished ownership of the company and declared that all its future profits would be used to protect the environment and combat climate change.