Official: This delivery company is now laying off 250 workers as part of a corporate restructuring plan taking place in March.
Instacart announced Tuesday that it will lay off approximately 250 workers, or roughly 7% of its total global workforce.
“This will allow us to reshape the company and flatten the organization so we can focus on our most promising initiatives that we believe will transform our company and industry over the long-term,” Instacart CEO Fidji Simo said in a Tuesday letter to shareholders.
“I am confident this will enable us to execute with even more focus and efficiency moving forward.”
Instacart’s chief technology officer, chief operating officer and chief architect are also departing the company, Simo announced.
All are leaving for personal reasons, CNBC reported.
Only the CTO role will be backfilled, Simo said during an earnings call Tuesday.
The layoffs come as Instacart continues to seek its footing with investors following its initial public offering last September, reports Retail Dive.
“Instacart’s shares have remained below their offering price of $30 since falling below that level on Oct. 2, 2023, putting pressure on executives to search for ways to improve the company’s financial performance.”
“While we’re excited about these long-term growth opportunities, we remain incredibly focused on expanding our lead and accelerating online grocery adoption within our core product,” Simo said, adding that Instacart decided to let some of its employees go in order to position the company “to take on our most ambitious bets while streamlining how we operate.”
Simo concluded her letter by indicating that Instacart also has a close eye on its plummeting share price and is intent on bringing it up: “I believe that we have a strong and highly defensible leadership position that, when combined with accelerating growth, will generate more shareholder value over time.”
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A massive retailer now permanently closes and begins a liquidation sale citing the decision was not made lightly, sources report.
The Salvation Army has confirmed the closure of one of its major thrift store locations, and customers are preparing for a liquidation sale.
The organization confirmed Friday that the store in Hopkinsville, Kentucky, about 22 miles from the state’s southwestern border with Tennessee, would shut down indefinitely next month.
Corps Officer Lieutenant Lindsey Galabeas said that the closure came after lengthy deliberation in an effort to transform the building to better serve residents, per Christian County Now.
“While the decision to close the store was not made lightly, we believe it is a responsible step forward in enhancing our ability to serve the community more effectively,” Galabeas told the outlet.
Financial struggles were also noted as a cause of the Salvation Army thrift store closing, including “sales and operational challenges.”
Galabeas stressed that the closing presented a better opportunity for the Salvation Army to do more, promising a clothing closet with free access to “gently used” items from community members who might need them.
“We plan to repurpose the store space to better meet the evolving needs of our community,” the lieutenant continued.
“Plans include establishing a clothing closet where our neighbors in need can access gently used clothing items.”
The official closure date is set for March 8, reports The-Sun.
It was noted in the press release from the Salvation Army that up until the final day of business, the Hopkinsville thrift store will operate on Mondays, Wednesdays, and Fridays from 11:00 am to 4:00 pm, per radio station WHOP.
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Also Read: A Mall Retailer Now Announces An Unexpected Liquidation Sale
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