Stitch Fix Plans To Slash 20% Of Salaried Jobs, CEO Steps Down

Stitch Fix Inc SFIX is slashing about 20% of its salaried jobs. In addition, the company plans to close its Salt Lake City distribution center.
The personal styling service provider said Elizabeth Spaulding will step down as Chief Executive Officer and as a member of the Board of Directors, effective January 5, 2023.
Founder and former CEO Katrina Lake has been named CEO, also effective January 5, 2023, to serve in an interim capacity for six months or until her successor is appointed.
Katrina Lake served as the company's CEO from its inception in 2011 until July 31, 2021. She has been a member of the Board of Directors since the company's founding.
SFIX reported a 22% decline in Q1 revenue and incurred a net loss of $(55.9) million.
Price Action: SFIX shares are trading higher by 3.75% at $3.32 on the last check Thursday.
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