Australia's Redbubble to axe 20% of workforce; shares fall

Articore

18/01/2023 01:04

** Shares of Australia's Redbubble  RBL.AX  fall as much as
10.5% to A$0.51, set to lose the most since Nov. 28, 2022 
    ** RBL, which owns online marketplaces for independent
artists, says it decided to reduce cost base including a 20%
reduction in Redbubble marketplace's workforce
    ** Says cost reduction initiatives are expected to reduce
co's cost base by about A$20 million ($13.98 million) to A$25
mln on an annualised basis
    ** The company also expects consumer demand to be
challenging in the near term
    ** Co hits its lowest since Jan 4
    ** Stock fell 84.1% in 2022
($1 = 1.4308 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))