The DTC basics brand announced internally on Wednesday that it will cut staff to help improve profitability by the end of the year amid rising inflation and recession fears, according to an internal email viewed by BoF.
Everlane will lay off 17 percent of its 175 corporate employees, along with reducing staff in three of its 11 store locations. The company’s chief executive said the belated move followed other cost cutting measures. Everlane previously laid off hundreds of retail and customer service employees in March 2020.
The Information first reported the news.
Everlane’s recent job cuts come just months after it secured $65 million in revolving credit from CIT Northbridge, along with a $25 million loan from Gordon Brothers, to open more stores and develop new products.
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