StockX Lays Off 8% of Workforce, Citing ‘Macroeconomic Challenges’

StockX has undergone another round of layoffs, as the company looks to keep business strong during a tough environment for retailers. The layoffs affect 8% of the company’s total workforce, StockX confirmed. Impacted employees will receive severance packages and health benefits for a period of time after termination. The resale platform’s CEO Scott Cutler announced the layoffs to employees in an email on Tuesday, which was viewed by Footwear News. According to the email, StockX has taken measures to reduce costs by prioritizing existing investments, reducing discretionary expenses, placing limits on new hires and improving efficiency in the company’s trade process. “In this environment, we must adapt, exercise additional discipline and be very deliberate about our spending,” Cutler said in the email. In a statement to FN, StockX said that it needed to adapt and pivot its business to keep up with “macroeconomic challenges” that are currently impacting the economy and its business. “While our business continues to grow, the current climate calls for us to make adjustments,” the company said. “As a result, we made the difficult but prudent decision to reduce our workforce.” This announcement marks the latest round of layoffs for Stock. In April of 2020, StockX cut 12% of its workforce to

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