StockX – The online resale marketplace for streetwear has announced that it is letting go 8% of its workforce as it continues to grow and reserve the cash flow for the long term.
The company has made the announcement that it will be parting ways with 8% of its full-time staff, which was first reported by Footwear News. The company’s CEO Scott Cutler in an email to the impacted employees on Tuesday said that the decision was based on the current looming macroeconomy.
The layoff count hasn’t been made official yet – though looking at the company’s LinkedIn, which states there are 1400+ employees. We assume that the layoffs must have impacted 120 Employees.
Statement from the CEO, in the email as seen by Footwear News
“As a growing global brand, it is important to adapt and pivot to deliver the highest level of service to the millions of customers we serve around the world. The macroeconomic challenges currently impacting our global economy continue to affect consumer behavior, and hit businesses of all shapes and sizes. StockX is not immune to these challenges, and while our business continues to grow, the current climate calls for us to make adjustments.
As a result, we made the difficult but prudent decision to reduce our workforce. Parting with team members is never easy, particularly when those team members are people who are passionate about their work and committed to delivering on our brand promise each and every day.
However, effectively navigating today’s reality requires investment in long-term sustainability. We are grateful for the contributions of those impacted and are working to ensure they are supported in this time of transition.”