Things haven’t been going to well for StockX in 2022, and now it’s been reported that the company will be laying off more of their workforce as they look to tighten up their belt to close out the year.
According to Nice Kicks, StockX will be undergoing another round of layoffs just months after they let 8% of their workforce go as well. As to why StockX is letting more people go, that’s anyone guess. Their reputation took a huge hit when Nike accused them of selling them fake Nikes and Jordans as everyday customers have been complaining online about waiting weeks for sneakers they purchased on their website. Still, StockX released a statement somewhat explaining their latest move.
“Our business is multifaceted and continues to evolve, as does today’s market. We actively manage our business and regularly evaluate our strategic priorities to set StockX up for long-term success. We made adjustments to some of our corporate teams today to align with our current organizational priorities.”
“While macroeconomic trends require businesses to be nimble, our vision of being the trusted global platform for consuming and trading current culture is as certain as ever. We thank the many team members who have contributed to this effort. “
Doesn’t really get into why it was necessary to layoff more people, but it is what it is at this point. Luckily those who were given the pink slip weren’t sent home empty handed as StockX gave them some parting gifts for the service they’ve provided in their time there.
The layoffs impacted less than 80 team members in corporate roles, according to an anonymous source at StockX. Those affected were reportedly provided severance packages, health benefits, professional outplacement services, employee assistance plan (mental health support), extended stock option exercise window, 401K match vesting, and the option to keep company laptops.
What do y’all think of StockX laying off more of their workforce? Should they have waited until after the holidays or nah? Let us know in the comments section below.