Online broadcast company The RealReal is the latest technology company to fire and leave employees during the COVID 19 pandemic. In today's company’s quarterly report, The RealReal announced layoffs that affect 10% of the workforce and vacations that affect 15% of employees.
In this way, The RealReal can reduce its operating costs by approximately $ 70 million. In a press release, The RealReal said these changes should "support the workforce through the pandemic and ensure that the team is well positioned for a strong restart on the other side of this health crisis".
Vacationers include employees in the e-commerce centers, retail stores, luxury consignment offices, the sales organization and The RealReal headquarters. RealReal has also introduced a hiring freeze and lowered executive salaries.
RealReal, a public limited company for a little less than a year, joins the growing number of technology companies that have made personnel changes as a result of the corona virus.
"Given the unknown duration of the pandemic, we have focused on reducing operating costs and maintaining liquidity to address the short-term challenges and ensure that we are well positioned to take advantage of the significant opportunities ahead," said Julie Wainwright, CEO of RealReal said in a statement. "I am confident that the strength of our balance sheet, customer satisfaction, healthy traffic trends and the repeat rates of buyers and shippers, as well as the continued progress in technology initiatives that support the efficient scaling of our business activities, will enable us to recover quickly, as soon as the economy stabilizes. ”