Reversing a previous effort to bulk up staffing, The RealReal on Wednesday said it will cut operating expenses through layoffs and store closures. The moves will cost some $1.7 million to $2.2 million, mostly in severance payments, employee benefits and related expenses.
The apparel resale company will let go of about 230 employees, or 7% of its workforce, according to a filing with the Securities and Exchange Commission.
Two flagship stores in San Francisco and Chicago, two neighborhood stores in Atlanta and Austin, Texas, and two consignment offices in Miami and Washington, D.C., will shutter, per the filing. The company will also reduce its office space in San Francisco and New York City.Retail Dive