AUGUST 16, 2022 — CLOSES TENNESSEE PROCESSING CENTER, LAYS OFF 15% OF CORPORATE WORKFORCE
The company has announced a cost-cutting initiative, including reductions in headcount, R&D, and capital expenditures in response to reduced consumer demand.
According to co-founder and CEO James Reinhart, “The company plans to lay off about 15% of its corporate workforce and shutter one of its processing centers located in processing centers in Lebanon, Tennesee. The company will also slow down the build-out of its in-construction Dallas, Texas fulfillment center. The consumer environment is much different than it was just two months ago. All the data that we’re seeing indicates that consumer health is deteriorating, especially among the budget consumer that makes up a meaningful portion of our customer base,”
FEBRUARY 23, 2021 — Original post…
San Francisco, California-based ThredUp, an online consignment company that buys and sells secondhand women’s and children's apparel, shoes, and accessories, has announced that they will be closing their 145,000 square-foot Vernon Hills, Illinois distribution center. The closure will impact more than 200 workers.
The decision was driven by a lease expiration and the company's desire to use the company's “more scalable and cost-efficient” distribution facilities located in Mechanicsburg, Pennsylvania; Suwanee, Georgia; and Phoenix, Arizona."
According to a company spokesperson, “Moving forward, we’ll continue to invest in and open distribution centers that have the footprint to best support thredUP’s growth.”
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?