Apparel resale company The RealReal will shutter stores and lay off 7% of its workforce.
The move marks a reversal from the firm's efforts to increase staff numbers in Q2 2022.
The RealReal said on Wednesday that layoffs and store closures will form part of its plans to reduce operating expenses.
- The company will cut 230 jobs, representing 7% of its workforce.
- The announcement comes a week after John Koryl became CEO of The RealReal, leaving his earlier position at Neiman Marcus.
- The RealReal is struggling with a year-to-date loss of $151.2M despite the rapid growth of the resale market.
