Brief: Rent The Runway to reduce 10% of its workforce

Rent the Runway

09/01/2024 14:23

Jan 9 (Reuters) - Rent the Runway Inc  RENT.O :
    * INITIATIVE INCLUDES A REDUCTION IN WORKFORCE THAT WILL
INVOLVE
APPROXIMATELY 10% OF ITS CORPORATE EMPLOYEES
    * ON JAN 8, APPROVED PLAN DESIGNED TO FOCUS WORKFORCE AND
COST
STRUCTURE ON KEY GROWTH OPPORTUNITIES, SUPPORT PROFITABILITY
GOALS
    * RESTRUCTURING PLAN EXPECTED TO BE SUBSTANTIALLY COMPLETED
BY END
OF Q4 OF FISCAL 2023, FULLY COMPLETED BY END OF Q2 OF FISCAL
2024
    * EXPECTS TO INCUR CHARGES OF APPROXIMATELY $3 MILLION TO $4
MILLION FOR RESTRUCTURING PLAN
    * CHARGES EXPECTED TO BE INCURRED IN Q4 OF FISCAL YEAR 2023
    * RESTRUCTURING PLAN IS EXPECTED TO RESULT IN APPROXIMATELY
$11
MILLION TO $13 MILLION OF ANNUALIZED RUN RATE CASH SAVINGS
    * ANUSHKA SALINAS RESIGNED AS CHIEF OPERATING OFFICER AND
PRESIDENT, EFFECTIVE JANUARY 31, 2024 IN LIGHT OF RESTRUCTURING
PLAN
    * JENNIFER HYMAN CEO, APPOINTED AS PRESIDENT AND DESIGNATED
AS
COMPANY'S PRINCIPAL OPERATING OFFICER

Source text for Eikon:  ID: 
Further company coverage:  RENT.O 

 (Reporting by Vallari Srivastava)
 ((Srivastava.Vallari@thomsonreuters.com;))