It’s never a good sign when companies start to lay off their workforce, especially senior leadership. Online sneaker resale marketplace StockX is now undergoing its third round of layoffs in barely 18 months, and this round includes the company's Chief Marketing Officer (CMO), Deena Bahri, according to Nice Kicks. In addition to Bahri, some 40 other corporate staff members are also being let go as the company tightens its belt.
The recent downsizing indicates a less-than-bright future for the company. Layoffs started in June of 2022 and were followed by more in November of that same year. Shortly after that, the company's Chief Financial Officer (CFO), John Kelley, left the company for reasons unknown. In addition to the layoffs, StockX has changed its fee structure no less than four times in less than two years with the hopes of attracting new business.
StockX announced the restructuring by saying, “To better align with StockX’s current strategic priorities, today we announced an organizational restructuring.” To their credit, StockX reportedly gave the laid-off employees severance packages and other benefits, including health benefits, professional output services, stock options, and 401K considerations. Follow us on Twitter and Instagram for more coverage on the business of sneakers, streetwear, and collectibles.
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