StockX reportedly lays off eight percent of its employees.
The reseller company announced they’re laying off a substantial portion of its employees. The reason for the change is to invest in “long-term sustainability.” The company did not specify which departments were affected by the change but said that eight percent of the company was let go.
“As a growing global brand,” the company says. “It is important to adapt and pivot to deliver the highest level of service to the millions of customers we serve worldwide. The macroeconomic challenges 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.”
StockX says that those terminated received severance packages and will have temporary health benefits.
In April 2020, StockX did a round of layoffs during the beginning of COVID-19. The company laid off 12 percent of its Arizona and Detroit headquarter employees. Those employees also received health benefits through October 2020.
