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Stitch Fix plans 20% job cuts as CEO steps down, founder Katrina Lake to reassume post - TL;DR CNBC

Stitch Fix plans 20% job cuts as CEO steps down, founder Katrina Lake to reassume post

Publishing timestamp: 2023-01-05 15:32:16


Summary

Stitch Fix founder Katrina Lake announced the company will be cutting 20% of its salaried workforce and she will be reassuming her post as CEO. The current CEO, Elizabeth Spaulding, will be stepping down immediately. The company has seen waning sales and failed initiatives after the Covid pandemic boom. Employees at the Salt Lake City distribution center will also be laid off and salaried employees affected by the cuts will receive at least 12 weeks of pay and health care and mental wellness support.


Sentiment: NEGATIVE

Tickers: SFIX

Keywords: salt lake citystitch fix incbusinessapparel retailbusiness newsretail industry

Source: https://www.cnbc.com/2023/01/05/stitchfix-ceo-steps-down-20percent-of-salaried-workforce-to-be-cut.html


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