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.
Beyond Chaos: Everlane’s Next Chapter
After a public scandal threatened its ethical image, CEO Michael Preysman said the L Catterton-backed disruptor wanted radical transparency, even as its competitors claimed a sustainable fashion space. I believe we can win.