As it works to achieve profitability, Beyond stated in a filing with the United States Securities and Exchange Commission it would reduce its workforce by 20%, and it announced the departure from the company of former chief product officer Carlisha Robinson.
On October 20, the Beyond board of directors approved the layoffs, the company maintained, which it expects to be substantially implemented in the fourth quarter of 2024. Beyond terminated Robinson without cause, and she will receive severance benefits, according to the company.
Beyond noted it undertook the workforce actions to establish a more variable, leverageable cost structure and create a more streamlined organization that aligns to its asset-light low-inventory business structure. The layoffs also support an affinity and data monetization business model focused on application of technology, Beyond added. The company estimates the reduction in force will result in $20 million annualized reduction of fixed costs.
Beyond has recently launched a series of initiatives to reconstitute the operation as a holding company organized around the application of data and intellection property across retailers it controls, including Bed Bath & Beyond, Overstock and Zulily, as well as partners in which it has taken a stake including The Container Store and Kirkland’s Home.
