2024 has already proven to be a difficult year for layoffs, with a number of companies — including several that are based in the Bay Area — making significant job cuts in recent weeks, bringing uncertainty for workers across industries.
In the world of retail and tech, some of these cuts arrive after a ramp-up in hiring seen during the COVID-19 pandemic — when people spent more time and money online. Now, many companies are reducing their workforces to help lower costs and bolster their bottom lines.
Here’s some tech and retail companies that have laid of employees of late:
REI
REI is laying off 357 workers, mostly in the outdoor retailer’s headquarters and distribution centers. In a letter to employees, CEO Eric Artz noted that “outdoor specialty retail has experienced four quarters of decline — and that trend has been worsening.” While REI was able to outperform this for much of last year, he said, this trend caught up to the company in the fourth quarter, and difficult conditions are expected in 2024.