A Popular Travel Brand Is Now Making Unexpected Job Cuts
A popular travel brand is now making unexpected job cuts as it undergoes a restructuring plan that will affect 25% of its staff.
DTC luggage brand Away is undergoing an organizational restructuring, which includes layoffs impacting 25% of its internal staff and “the elimination of a traditional executive team structure,” a spokesperson confirmed to Retail Dive.
The decision came as “the team recognizes the need for a more nimble approach amidst the changing consumer landscape,” the spokesperson said.
Moving forward, Away is focused on investing in key areas such as brand and community building experiences, diversifying and expanding its retail footprint and “doubling down” on product innovation, the company said.
“Disruption has always been at the core of our company’s DNA,” the spokesperson said.
“Away is dedicated to delivering the highest-quality travel products and experiences to our customers, and we believe that these steps will better position us to continue to be an innovative leader in the category.”
The brand in May last year laid off 22 employees, including Chief Commercial Officer Laura Willensky.
The latest round of layoffs follows years of building out its leadership team, reports Retail Dive.
Early last summer, Away brought on two new hires, including Vice President of Retail Carissa Barrett and Vice President of Brand Amanda Brody.
Before that, the company hired former Foxtrot executive Carla Dunham as its chief marketing officer.
And in late 2021, the company named its first chief operating officer and chief digital officer.
The brand took a significant hit when the pandemic took hold in 2020, halting nearly all travel.
In April 2020 the brand said it furloughed about half of its staff and laid off another 10% as its sales plummeted 90%.
In the years since then, the brand also suffered from extensive changes in the chief executive role.
Co-founder Steph Korey led the brand until December 2019, when the company replaced her with former Lululemon executive Stuart Haselden following allegations of a toxic work culture at the brand.
But about a month later, Away announced Korey and Haselden would be operating as co-CEOs.
By October, the brand said Korey would step down as co-CEO but remain on the board.
Just four months later, Haseldon left to become the CEO of Arc’teryx.
Co-founder Jen Rubio has been leading the brand since.
Away early last year had been exploring strategic options, including a sale, according to a Bloomberg report.
For more news and updates like this, opt-in for push notifications.
Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy
Other Economy News Today
An essential healthcare company now declares an unexpected bankruptcy while planning to sell the business along the process.
Sientra, which calls itself a surgical-aesthetics company, manufactures breast implants and related healthcare products.
“Backed by unrivaled clinical and safety data,” the company says, “Sientra’s platform of products includes a comprehensive portfolio of round and shaped breast implants, the first fifth-generation breast implants approved by the FDA for sale in the United States, the ground-breaking AlloX2 breast tissue expander with patented dual-port and integrated drain technology,” along with other products.
The company filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District of Delaware on Monday February 12th.
The company also said in a post on its website that it plans to sell the business during the bankruptcy process.
Sientra does not have a specific deal with a buyer in place, so its plan remains dependent on it being able to make a deal, reports TheStreet.
Some of Sientra’s products, including its breast tissue expander line, are used in ongoing medical treatment.
That means that a Chapter 7 filing or any other form of the company going out of business would leave those patients/customers in a difficult position.
The company has said that it will continue to support its customers during the Chapter 11 process.
Sientra plans to use its existing cash reserves and $22.5 million in new debtor-in-possession financing from existing lenders to facilitate the sale and support continuing operations.
For more news and updates like this, opt-in for push notifications.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
Comments are closed.
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.