San Franciso, California-based ContextLogic DBA Wish, an online e-commerce platform for transactions between sellers and buyers, has announced a company-wide reduction in force.
According to an SEC filing, "ContextLogic Inc.’s Board of Directors approved a plan to reduce the Company’s workforce by approximately 255 employees, representing about 34% of the Company’s current global workforce."
"This includes approximately 160 employees in the United States, representing about 41% of the Company’s domestic workforce, and approximately 95 non-U.S. employees, representing about 26% of the Company’s international workforce. The RIF Plan is intended to refocus the Company’s operations to support its ongoing business prioritization efforts, better align resources, and improve operational efficiencies."
This appears to be the second round of layoffs after a January 31, 2023, announcement of a 150 employees reduction in force.
At that time, CEO Joe Yan wrote, "I have some difficult news. Today we will have up to 150 team members leave Wish. Some employees will be leaving as a part of our annual review process, and others will be leaving as we look to reduce costs in non-business critical areas."
"We’ve worked tirelessly to prevent this from happening. But, at the same time, we’re determined to do what is necessary to create a sustainable and secure future for Wish—even during times of economic uncertainty."
"Like many other companies, the extraordinary economic circumstances of the past few years have had a significant impact on our business. To create a more recession-proof company, we must closely watch our spending and continue to drive operational efficiency. This will lead to more sustainable growth and profitability. Our 2023 top-level initiatives reflect this strategy, and today we have to restructure to sharpen our focus during our turnaround journey."
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?