Stitch Fix to cut workforce by 15% of salaried roles
2022.06.09 21:55
(Reuters) – Stitch Fix (NASDAQ:SFIX) Inc said on Thursday it is reducing its workforce by around 15% of salaried positions, as the online personalized styling service firm aims to return to profitability.
Decades-high inflation and the impact of the war in Ukraine have pressured Corporate America to consider laying off people or put a freeze on hiring.
The layoff at Stitch Fix accounts for nearly 4% of the roles, or around 330 positions in total, with most of them in its non-technology corporate and styling leadership roles, Chief Executive Officer Elizabeth Spaulding said.
“(The decision) was one we needed to make to position ourselves for profitable growth … There will be tough choices along the way, and this is one of those,” Spaulding wrote in a message to Stitch Fix employees.
Shares in Stitch Fix were down nearly 11% in afternoon trading.
