Everlane Slashes 17 Percent of Corporate Workforce

The DTC Basic brand announced Wednesday internally that it will cut jobs to improve profitability by the end of the year amid growing fears of inflation and a recession, according to an internal email seen by the BoF.

Everlane will lay off 17% of its 175 employees and cut staff at three of its 11 stores. The company’s chief executive said the delayed move followed other cost-cutting measures. Everlane laid off hundreds of retail and customer service employees in March 2020.

The Information was the first to report.

Everlane’s recent layoffs come months after it secured a $65 million revolving credit from CIT Northbridge and a $25 million loan from Gordon Brothers to open more stores and develop new products. am.

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