StockX Lays Off 40 Execs, CMO Gets Pink Slip Too
Written by djfrosty on January 10, 2024
Source: StockX / StockX
After a tumultuous 2022 and 2023, the struggles for StockX seem to be following them into 2024. The embattled sneaker reselling site is undergoing yet another round of layoffs to kick off the new year.
According to Nice Kicks, 40 corporate members were recently given the pink-slip including the company’s Chief Marketing Officer, Deena Bahri, who undertook the role back in the fall of 2019. On the bright side, those who were laid off were blessed with severance packages including health benefits, extended stock option exercise window, professional outplacement services, employee assistance plan (i.e. mental health support) and 401K match vesting. Heck, they were even given the option to keep their company laptops.
You’d think they’d be given some free sneakers as well, but who knows if they’d be authentic (no shots).
Nicekicks reports:
As a result of the layoffs, senior leadership positions were consolidated and several senior team members from within the organization are expected to serve in new capacities.
“Our business is multifaceted and continues to evolve. To better align with StockX’s current strategic priorities, today we announced an organizational restructuring,” stated a statement via StockX. “This includes consolidating and shifting several leadership roles to create a flatter, more streamlined organization that enables faster decision-making, increased visibility, and better cross-functional collaboration. We remain focused on our mission to empower everyone to trade what they love and thank the many team members who have contributed to this effort.”
How this will help the company, which has developed a reputation for passing off bootleg sneakers as “authentic” over the years is anyone’s guess. But it will be interesting to see if StockX actually has a plan to redeem their once fine name in the sneaker community.
What do y’all think of StockX’s latest moves? Can they save whatever’s left of their reputation? If so, how? Let us know in the comments section. In the meantime, peep the video below to see just how far StockX’s reputation has fallen thus far.