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The after market avenue for resellers and buyers recently announced that it will be letting go around 12% of its employees, according to a report by Edgar Alvarez over at Input Magazine. The recent measure reflects the severity of the footwear space in relation to the global economy.
The action is in direct response to the ongoing COVID-19 pandemic as the company looks to become “more profitable” in the midst of the global economic fallout. The cuts will account for 100-150 cuts centered around its Detroit and Phoenix facilities. Earlier this month, StockX announced that it would up its fees to an extra 3% as footwear sales are down for retailers and resellers alike.
StockX confirmed to Input Magazine that the company will allow the individuals to keep their job will have their jobs until the end of the April. The former employees will continue to have health coverage until October and the company is planning a severance packed for at least the next month. In addition to that, StockX told Input that “it will try to find employment for those affected in one of the other ‘family’ companies from Dan Gilbert.” Gilbert is the owner of Quicken Loans and the Cleveland Cavaliers.
Keep it locked here at Snkrs Day as we await a confirmation from StockX. For all of your COVID-19 news, stay tuned at Snkrs Day.
