AM I NEXT? NO LOVE AT WISH

San Franciso, California-based ContextLogic DBA Wish, an online e-commerce platform for transactions between sellers and buyers, has announced a company-wide reduction in force.

According to an SEC filing, "ContextLogic Inc.’s Board of Directors approved a plan to reduce the Company’s workforce by approximately 255 employees, representing about 34% of the Company’s current global workforce."

"This includes approximately 160 employees in the United States, representing about 41% of the Company’s domestic workforce, and approximately 95 non-U.S. employees, representing about 26% of the Company’s international workforce. The RIF Plan is intended to refocus the Company’s operations to support its ongoing business prioritization efforts, better align resources, and improve operational efficiencies."

This appears to be the second round of layoffs after a January 31, 2023, announcement of a 150 employees reduction in force.

At that time, CEO Joe Yan wrote, "I have some difficult news. Today we will have up to 150 team members leave Wish. Some employees will be leaving as a part of our annual review process, and others will be leaving as we look to reduce costs in non-business critical areas."

"We’ve worked tirelessly to prevent this from happening. But, at the same time, we’re determined to do what is necessary to create a sustainable and secure future for Wish—even during times of economic uncertainty."

"Like many other companies, the extraordinary economic circumstances of the past few years have had a significant impact on our business. To create a more recession-proof company, we must closely watch our spending and continue to drive operational efficiency. This will lead to more sustainable growth and profitability. Our 2023 top-level initiatives reflect this strategy, and today we have to restructure to sharpen our focus during our turnaround journey."

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. We see good people being laid off through no fault of their own. 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?

AM I NEXT? NO LOVE AT BIGCOMMERCE HOLDINGS

Austin, Texas-based BigCommerce Holdings, an e-commerce platform for small and medium-sized businesses, has announced a restructuring and cost-cutting initiative that will examine its organizational structure, real estate footprint, and personnel requirements to accelerate its path to profitability.

The cost-cutting initiative will impact its total workforce by approximately 13% across both employees and contractors. It is estimated that the reduction in force will impact 150 employees and be essentially complete by December 31, 2022.

According to company CEO Brent Bellm, “This focusing of our spending and resources, which impacts all of our teammates, was an incredibly difficult decision to make. We are implementing changes that will enhance the strength of our financial profile against the backdrop of a challenging economic environment. It will also drive focus on the areas we view as having the strongest product market advantage and best long-term financial performance. We are sadly parting ways with some incredibly talented people whom we have grown to cherish as friends and colleagues over the years. We will do our best to support them through the transition to find their next opportunities.”

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. We see good people being laid off through no fault of their own. 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?

AM I NEXT? NO LOVE AT RENT THE RUNWAY

New York, New York-based Rent the Runway, an operator of a fashion e-commerce platform that allows users to rent, subscribe, or buy designer apparel and accessories, has announced a restructuring initiative to contain costs.

The effort will impact 24% of the company's corporate workforce, an estimated 240 employees.

According to Chief Executive Jenn Hyman, “We’re significantly pulling forward the path to profitability. We can get to profitability at much lower revenue numbers. The restructuring won’t cut marketing, inventory, or customer-facing positions. We’re not relying on growth in the same way to get us to profitability.”

“It is becoming clear to us that our customers live, work, socialize and travel differently in 2022 than they did prior to the pandemic. We are still learning how these types of changes in customer behavior impact the business, particularly in challenging natural environments. If remote and hybrid work trends increase, our subscription business might become more socially and casually oriented, and we might experience more seasonal peaks and troughs.”

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. We see good people being laid off through no fault of their own. 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?