Casper lays off 78 corporate employees, winds down Europe business

person walking holding brown leather bag

The embattled mattress startup is the latest brand to announce layoffs during the COVID-19 crisis, releasing a third of its HQ staff and closing its Europe business.

Casper is the latest direct-to-consumer startup to announce significant layoffs in the midst of the COVID-19 crisis. Today, the six-year-old brand laid off 78 employees from the corporate team, which makes up 21% of its total corporate workforce. The company is also winding down its European operations and its 31-person headquarters in Germany, according to a person familiar with the matter. The other employees who were laid off came from various departments, including marketing and product development. According to a statement from the company, this will result in “more than $10 million in annualized savings, and are part of the company’s overall focus on achieving profitability.” Greg Macfarlane, Casper’s CFO and COO, will depart the company in May.

This follows news on March 30 that the brand furloughed all 500 of its retail employees at its 62 brick-and-mortar stores. The company said it would continue to give those workers health insurance.

Casper is one of several fast-growing direct-to-consumer companies that have laid off employees in recent weeks, including Everlane, Away, and Thirdlove. In an Instagram Stories post, one employee named James who was laid off from Casper today said he was devastated about losing his job, but he’s trying to stay optimistic. “Though I am unsure what tomorrow holds, I do know that before tomorrow must come a good night’s sleep,” he wrote.

Comments

Who expands commercial vehicle battery business in Europe?

Who expands commercial vehicle battery business in Europe? The Chinese battery giant CATL has just signed a deal to provide VDL Bus & Coach with its high energy density battery system based on its standardized LFP-CTP (Cell to Pack) product platform. Furthermore, CATL appointed Quantron as its authorized sales and service partner for commercial vehicles and industrial applications in Europe. Firstly to CATL SME business in Europe: As an importer, Quantron is now authorised to supply batteries in Europe as a dealer for CATL. The German company specialises in the electrification of commercial vehicles and is now responsible for CATL battery sales and after-sales partner for commercial vehicles and industrial applications. Quantron will also rely on CATL batteries for its own retrofits in the future. According to CATL, its cooperation with Quantron is not intended to reach large OEMs – the Chinese company will continue to do this business directly. Such a deal has just bee...

EU could finance €1.5 trillion recovery fund with bonds: Dombrovskis - Euractiv

EU could finance €1.5 trillion recovery fund with bonds: Dombrovskis - Euractiv The European Union could finance a recovery fund worth up to €1.5 trillion with bonds guaranteed by member states, European Commission Vice President Valdis Dombrovskis told German newspaper Handelsblatt. EU finance ministers last week agreed on a package of measures worth half a trillion euros to cushion the blow of the coronavirus pandemic but left unresolved the most contentious question of how to share the financial burden. The ministers also kicked into the long grass the question of how to pay for a temporary recovery fund for Europe because it goes to the heart of a disagreement over jointly issued debt. Asked about the possibility of financing such a fund with bonds amounting to up to 1.5 trillion euros, Dombrovskis said in an interview with Handelsblatt published Tuesday (14 April): “I could imagine such a financial framework. But nothing has been decided yet.” He said the recovery f...

France is latest to unveil lockdown exit

France is latest to unveil lockdown exit More than half of humanity is under some sort of lockdown to stem the spread of the deadly pandemic, which has tipped economies toward a bruising global downturn. Over three million people are now infected worldwide and more than 211,000 have been killed since the virus first emerged in China late last year. France said on Tuesday that shops, markets and some schools could reopen next month, the latest country to ease coronavirus restrictions as nations tread a fine line between allowing stalled economies to recover while staving off a new contagion. In France, Prime Minister Edouard Phillipe said would begin to be eased from May 11 -- some shops and markets could resume business, and primary schools and daycare centres would reopen gradually. Face masks will be required on public transport, he said, and work-from-home orders will stay in place for several more weeks. Meanwhile, Russia will consider a gradual e...

Business advice

Search This Blog