New York City, New York-based Fabric, a micro-fulfillment technology company specializing in intelligent robotic "pick and pack" fulfillment operations for e-commerce and local last-mile operations, has announced a shift in strategic direction with a major 40% headcount reduction.
The headcount will impact approximately 120 employees.
According to a company spokesperson, "Today, the company officially announced its intentions to move in the direction of being a platform rather than a service. As a result, not everything with the new plan is positive: founding CEO Elram Goren was replaced by COO Avi (Jack) Jacoby 2 weeks ago, and the outfit told its 300-person staff Wednesday that 40% of them would be laid off."
“We are just doing what we believe will position us better in the market. What is happening to the market has nothing to do with it, and the company’s financial situation is very good. This decision needed to be taken now because we need the runway to position ourselves better as a platform player.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?