New York, New York-based Packable, the holding company for Pharmapacks and an e-commerce technology platform providing logistics, marketing, selling, and fulfillment services, has announced it will be ceasing operations and laying off all employees.
The decision was driven by the company's inability to obtain funding for continuing operations following the failure of the company to go public via a special purpose acquisition corporation.
The decision to cease operations will affect all employees company-wide in multiple locations. According to a company filing, 456 employees are impacted, with the final shutdown is scheduled for January 8, 2023.
According to a company announcement, "The company was laying off 138 people, or roughly 20% of its staff, with the remaining 372 employees expected to be terminated as individual winddown responsibilities are completed. We diligently pursued internal and external financing options but were ultimately unsuccessful. Given the company has no viable financing alternatives, we are now forced to cease operations, liquidate any remaining collateral, and shut down the business."
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?