×

StockX Lays Off 12% of Its Workforce

StockX has added itself to the list of companies forced to lay off employees.

In a blog posted late yesterday, StockX CEO Scott Cutler stated in order to “ensure long-term sustainability” the company had to make the difficult decision to cut 12% of its workforce with the economic uncertainty that the coronavirus crisis has created.

“The individuals we said goodbye to today contributed greatly to the company, and were instrumental in building our foundation. We will move forward at StockX in a way that honors those employees and all of their hard work,” Cutler said in the blog post. “This change, while difficult, is all about prioritizing our community; it’s about ensuring we remain a strong marketplace — today, tomorrow, and in the years to come.”

Input Mag first reported the layoffs yesterday afternoon, an in the report stated anywhere from 100 to 150 staff members would be without jobs. However, in a call with FN today, StockX — without confirming the exact number in layoffs — stated it is less than the reported 150.

Watch on FN

This move comes a week after StockX came under fire on social media for its new 3% processing fee to customers added to the purchase price of an item. In an email to consumers, the company stated the fee was added so it can continue to make investments into the platform, customer service and the verification process. It went into effect on April 22.

StockX responded to FN’s request for comment on April 15 in response to the email backlash.

“At StockX, our objective is to deliver a superior marketplace experience built on our core brand pillars of trust, authenticity and anonymity. As our marketplace continues to grow, so do our investments in the platform and the costs required to improve the level of service to StockX customers worldwide. StockX customers are, and always will be, the heart and soul of our company — this update was put in place to best serve and support the high-touch customer experience we afford our millions of buyers and sellers across 197 countries and territories globally,” the company said in a statement.

Access exclusive content