(KRON) -- Santa Clara-based education tech company announced plans to slash its workforce by 21% this week and the CEO put part of the blame on AI. In a filing with the Securities and Exchange Commission Tuesday, Chegg announced it would be letting go of 319 employees. The 21% reduction of its headcount is part of a restructuring plan intended to "streamline" operations and better align the company's "cost structure with recent industry challenges that are negatively impacting" its business, the company said. Some of those challenges, according to the SEC filing, include increased competition and students using generative AI. What is Bluesky? Emerging social platform tops 15M users in wake of election The company estimates that the layoffs will cost Chegg between $22 and $26 million, $18 to $22 million of which will be used for employee transitions, severance payments, employee benefits and other costs. In a press release accompanying the SEC filing, Chegg CEO and President Nathan Schultz spoke of "recent technology shifts and generative AI," which have created "significant headwinds." "As a result, we are undertaking an additional restructuring," Schultz said. "There continues to be a market of students looking for the high-quality, proven, and differentiated learning expertise Chegg provides, and we believe our brand and product experience are resilient and will endure." Chegg, which provides online tutoring, homework assistance and digital textbooks, is the second Bay Area tech company to announce major layoffs this week ahead of the holidays. On Tuesday, 23andMe announced plans to cut 200 jobs.